Heidenberg Properties Group Acquires Culpeper Colonnade from Regency Centers for $32.65M06 Nov 2018, Posted by Press Release in
Closter, NJ - November 6, 2018 – Heidenberg Properties Group announces the $32.65 million acquisition of the Culpeper Colonnade in Culpeper, VA from Regency Centers Corporation (NYSE: REG).
The newly acquired property is a 307,000 square foot shopping center anchored by a 70,000 square foot Martin’s Food Market, a 127,000 square foot Target (shadow-anchored), a 36,000 square foot Dick’s Sporting Goods, a 21,000 square foot PetSmart, and a 15,000 square foot Staples which will be replaced by a 16,000 square foot Michaels. In addition to these national anchors, the center has a number of compelling fast-casual dining options including Chick-fil-A, Panera Bread, Glory Days Grill, Chipotle, and IHOP. The center is currently 100% occupied and is located approximately 65 miles southwest of Washington, D.C.
Culpeper Colonnade is located off of Business Route 29, the area’s main retail corridor trafficked by over 25,000 vehicles per day. Immediately surrounding the center along Route 29 are other nationally prominent retailers such as Walmart, Lowe’s, Kohl’s, T.J. Maxx, Aldi, and Lidl. With a critical mass of retailers, Culpeper is the dominant retail location within a 15-mile radius. Culpeper, VA sits at the center of four main interstates, including I-66 to the north, I-95 to the east, I-64 to the south, and I-81 to the west.
President and CEO of Heidenberg Properties, Robert Heidenberg stated, “We are excited to acquire the Culpeper Colonnade from Regency Centers. This acquisition is in many ways a culmination of the investment strategy that we have been executing over the past few years. It affords us the opportunity to add another dominant, grocery-anchored center, as well as grow our portfolio in the Mid-Atlantic. The tenant mix at this center is exceptional and the recent commitment by Michaels to replace Staples is just one of many endorsements of both the market and the location of this shopping center.”
The population in the 5-mile trade area has expanded significantly since 2000, growing approximately 70% to over 30,000. Moreover, the ratio of household incomes (Average: $83,400) to home values (Median: $238,000) provides a customer base with significant discretionary income. Driving the population growth is both excellent access to the suburban employment centers that ring the capitol and a growing number of high-tech firms that have established operations in Culpeper, including Terremark’s 320,000 square foot secure network access point (NAP) data center and the Library of Congress’s 415,000 square foot state-of-the-art National Audio-Visual Conservation Center.
Heidenberg Properties and its partners have acquired over 900,000 square feet of retail properties since January of 2017.