Dale City, VA — A Joint Venture of Ideal Realty Group, Rock Creek Property Group, and The Sigmund Companies has acquired four regional shopping centers in Dale City. for $52.8 million. Affiliates of Ideal Realty Group, Rock Creek Property Group, and The Sigmund Companies purchased the centers from an affiliate of Interstate Management Incorporated. The portfolio includes Center Plaza, Mapledale Plaza, Forestdale Plaza, and Glendale Plaza with a combined 470,000 s/f on 70 acres.
The properties are all located less than three miles apart along Dale Blvd. in the greater Woodbridge, VA area. They have been a highly trafficked staple of the community for decades since being built starting in the 1970’s by the original designers of Dale City. Each center features a wide range of well-known necessity retailers, including national brands and local businesses. Current tenants include two Giant grocery stores (Center and Mapledale), Truist Bank, CVS, Ace Hardware, Advance Auto Parts, Wells Fargo, and Dollar General. Combined, the shopping centers are 90% occupied.
A planned multimillion-dollar renovation will transform the centers and create an even more compelling business location and experience for future tenants and consumers. Scheduled to begin in Q1 2024, these improvements will touch virtually every exterior element and create a first-class shopping environment for the community. Working with MV+A Architects, the renovations will include:
• New paint and façade improvements
• Improved parking lots with sealcoating and restriping
• Public congregation points for shoppers to relax and gather
• Security improvements including enhanced lighting and pedestrian friendly pathways
• Identity and tenant signage upgrades
• Enhanced landscaping
Once the work is completed, the shopping centers will attract a broad new audience of regional and national retailers to lease the few remaining spaces. These improvements, coupled with the nationwide trend embracing work-from-home employment policies – make it easier for people to frequent brick and mortar retailers and increases demand for neighborhood serving retail space.
“The hybrid work environment is here to stay, and neighborhood retail centers are a direct beneficiary of this mega trend. Our partnership is very fortunate to have found such a critical mass of well-located centers which should see increasing demand from both retailers and customers in the future, said Gary Schlager, principal with Rock Creek.”
KLNB has been assigned all retail leasing for the four properties and The Shopping Center Group has been retained for property management. KLNB has already begun to actively market the centers to potential tenants that are excited to enter the growing market.
“These four properties are extremely well located and an essential part of the Dale City and greater Woodbridge, VA community,” said KLNB principal Veronica Kamara. “Prospective tenants will love their location that enjoys over 100 thousand vehicles per day combined, a residential population of more than 120 thousand people within a three-mile radius, and an average household income of $150 thousand a year. And the fantastic improvements will only make it more appealing.”
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