Federal Realty Investment Trust has recently completed the acquisition of Virginia Gateway, a 665,000-square-foot retail center in Gainesville, VA. The property was purchased for $215 million and boasts an impressive occupancy rate of 95%. Strategically located at the intersection of Route 29 and I-66, this property offers a diverse mix of tenants across its expansive 110 acres.
Among its notable features are Giant Food grocery-anchored shopping center, Promenade which houses popular national specialty retailers, Atlas Walk town center with various dining options and Plaza I & II featuring well-known brands such as HomeGoods and Ulta Beauty. Additionally, Plaza IV is anchored by Total Wine & More and Hobby Lobby.
According to Jeff Berkes – President and COO of Federal Realty – acquiring a retail property like this one is nearly impossible in today’s market environment due to its size (over half a million square feet) as well as prime location in an affluent trade area with heavy traffic flow. This latest addition brings Federal Realty’s Northern Virginia portfolio to an impressive total of 3.6 million square feet further solidifying their presence in this thriving region.
