Rappaport Buys Huge Retail Portion Of Wegmans-Anchored Village At Leesburg
Rappaport bought the retail portion of the Village at Leesburg mixed-use development from Kettler, The Carlyle Group and Cypress Equities for an undisclosed price, the Washington Business Journal reports.
Kettler and its partners opened the Wegmans in 2009 and the rest of the shopping center in 2010. Rappaport had been brought on to manage and lease the retail component in 2013 before deciding to purchase the property. It sits along Route 7, past where Phase 2 of the Silver Line will extend, but a 300-car park and ride is under construction on the site that will provide access to the Metro.
In recent years, Rappaport signed experiential retail tenants such as Bowlero Bowling and indoor playground Atomic Trampoline, plus it is working to expand the high-end Cobb Theatres from 12 to 14 screens. It is also working to sign culinary incubator Chefscape to 10K SF. The property also features LA Fitness and several food and beverage users.
The sale comes a month after the owners retained Avison Young to sell the office component of the 1.2M SF mixed-use development. The property has two office buildings totaling 120K SF that are roughly 93% leased.