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The JCR Companies of Washington, DC has acquired Riverton Commons, a 69,496 square foot shopping center in Front Royal, VA, for $17,722,000. The seller, EDENS, was represented by CBRE; First Virginia Community Bank provided financing.
Riverton Commons is located on about 13 acres at the highly traveled intersection of Interstate 66 and US Route 522. It is part of a 500,000 SF regional shopping center anchored by a 201,000 SF Walmart Supercenter and a 134,000 SF Lowe’s Home Improvement Center. Directly across Route 522, a Target-anchored shopping center is the site of planned mixed-use development.
Built in 2007, Riverton Commons is leased to a diverse group of local, regional, and national tenants including Valley Health Systems Urgent Care, Great Clips, Mattress Warehouse, Sweet Frog, Anytime Fitness, Hibbett Sports, and Tropical Smoothie Café.
JCR plans to lease up the existing vacant space and either develop or sell the property’s five pad sites, two of which are vacant land. “With a strategic location on Route 66 and its location within Front Royal’s dominant retail center, Riverton is a perfect fit for JCR,” said Joe Reger, Principal, The JCR Companies. “We are excited about putting our team to work adding value to this important asset.”
Situated about 70 miles west of Washington, DC in the Shenandoah River Valley, Front Royal is a dynamic community with an average household income exceeding $81,500. Many residents commute to jobs in or near the nation’s capital. The area’s population has grown by 33 percent since the 2000 census, with additional growth projected through 2022.
Riverton Commons is JCR’s eighth shopping center acquisition since 2012. “We are continuing our aggressive acquisition of urban and suburban retail properties nationwide, with a concentration in the Washington, DC metro area,” Reger added.
Washington, DC-based JCR is one of the most prolific buyers of urban and suburban retail and mixed-use properties in the national capital region. JCR’s growing portfolio focuses on the area’s core submarkets including Dupont Circle, Logan Circle, Capitol Hill, Old Town Alexandria, Georgetown, and several fast-growing suburbs. For more information, visit the company’s newly revamped website at www.jcrcompanies.com.