KLNB secures $11.4M sale of NoVa Shopping Center

Haymarket, VA — KLNB’s Retail Capital Markets Team has completed the successful sale of the Shoppes at Haymarket, a 22,400 s/f neighborhood shopping center located at 6711-6749 Lea Berry Way in Haymarket, VA, for $11.375 million. KLNB was hired to exclusively represent the seller, Fernau LeBlanc Investment Partners in the transaction.

The Shoppes at Haymarket is currently 100% leased to 13 tenants and has demonstrated exceptional tenant retention and income stability, with 66% of occupants in place for over 20 years. Shadow-anchored by a newly renovated Aldi and Planet Fitness, the center showcases a strong mix of service, medical, and restaurant tenants.

KLNB ran a marketing effort that generated strong investor interest, resulting in more than 10 offers and a closing price at 98% of the broker’s pricing guidance.

The sale underscores the Capital Markets team’s continued strength in the retail investment sector and its ability to consistently execute deals at top-of-market pricing. It also enabled the seller to successfully complete their business plan and fully exit their investment in the Haymarket submarket.

As is typical with many KLNB transactions, multiple internal teams collaborated to deliver the best possible outcome for the client.

“This is a perfect example of KLNB’s client-first approach, with several KLNB teams coming together to produce a terrific outcome,” said KLNB principal Chris Burnham. “Both the Capital Markets team and our in-house retail leasing specialists collaborated to stabilize tenancy and unlock long-term value. The terrific response we received highlights how well-positioned, multi-tenant retail centers in affluent suburban markets can immediately pique the interest of local, regional and national investors.”

Situated in affluent Prince William County, The Shoppes at Haymarket benefits from both high vehicle traffic and a growing population base. Just three minutes from I-66, the center is directly accessible via Exit 40, which sees more than 65,000 vehicles per day (VPD). The property also features frontage on Washington St. (16,900 VPD) and James Madison Highway (16,600 VPD), further enhancing accessibility and visibility.

“The Shoppes at Haymarket’s exceptional location, remarkable tenant history, and resilient income profile made it an ideal investment opportunity,” adds Vito Lupo, principal at KLNB. “The buyer recognized the strength of the asset and the long-term growth trajectory of the surrounding market, and the client secured a price that exceeded expectations.”