Retail

MANASSAS, VA. — The JCR Cos. has acquired the Center at Innovation, a 101,990-square-foot shopping center in Manassas, a city in northern Virginia, for $31 million. The center is located on Nokesville Road, just west of the interchange with Prince William Parkway. HFF arranged the transaction on behalf of the seller, EDENS. Super Target shadow-anchors the center, which was more than 90 percent leased at the time of sale to tenants including T.J. Maxx, PetSmart, Chick-fil-A, Tropical Smoothie Café, GameStop, Verizon Wireless and Red Robin. JCR plans to sell the three pad sites that are currently leased to Chick-fil-A, SunTrust Bank and Red Robin, and to fully lease the inline space. Constructed in 2008, Center at Innovation includes five buildings and 482 parking spaces. The property marks JCR’s second shopping center acquisition in Manassas.

NORFOLK, VA. — Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) has acquired JANAF Shopping Yard, an 888,917-square-foot shopping center in Norfolk, for $85.7 million. Ann Arbor, Mich.-based McKinley sold the property, according to Inside Business. In addition to retail space, the center includes 37,234 square feet of office space in one building. As part of the transaction, Wheeler REIT assumed a $53.7 million loan with a fixed interest rate of 4.49 percent and a $5.2 million loan with a fixed interest rate of 4.95 percent. The loans mature in July 2023 and January 2026, respectively. In addition, the company utilized a $6.5 million loan with a fixed interest rate of 4.65 percent and one year of interest-only payments to purchase a separate parcel within the center. As of Sept. 30, 2017, JANAF Shopping Yard was 94 percent leased to tenants including BJ’s Wholesale Club and Fuel Center, T.J. Maxx, Petco, Wawa, Big Lots, Panera Bread, Northern Tool + Equipment, The U.S. Postal Service and SunTrust Bank. Originally constructed in 1959, JANAF has undergone several renovations, the latest in 2006.