REAL ESTATE

Mattress Warehouse to Falls Church, Va., center

BY Michael Fickes

North Plainfield, N.J. — Mattress Warehouse has leased a 21,404-sq.-ft. space at Crossroads Place in Falls Church, Va., according to Levin Management (www.levinmgt.com), the leasing and management agent for the 336,248-sq.-ft. shopping center. The lease signing brings retail occupancy at the center to 100%. JBG Rosenfeld Retail served as the tenant’s broker in the transaction. Plans call for the new store to open in March.

Anchored by a Giant food store and Burlington Coat Factory, Crossroads Place features a mix of more than 20 regional and national tenants including T.J.Maxx, Advance Auto, HomeGoods, Foot Locker, Office Depot, Cost Plus, Great Clips, CiCi’s Pizza, Quiznos, Starbucks and The Olive Garden.

Located at the intersection of Leesburg Pike and South Jefferson in Falls Church, the Center’s daily traffic count is 60,000 vehicles. The five-mile radius of the trade area houses a residential population of 528,000. Average annual household income is over $116,000.

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REAL ESTATE

Divaris completes two retail leases in Richmond

BY Michael Fickes

Virginia Beach, Va. — Divaris Real Estate has completed two retail leases totaling more than 21,000 sq. ft. in Richmond.

PetSmart renewed its lease for 19,734 sq. ft. at Parch Place at Short Pump, which is leased and managed by Divaris (www.divaris.com). Metro Commercial Real Estate represented the tenant.

Kamayan Restaurant leased 1,577 sq. ft. in the 360 West Shopping Center, which Divaris leases and manages. The Filipino restaurant joins Rite Aid, AutoZone, Dollar General, Subway, Jackson Hewitt and Radio Shack.

Divaris also leased office space at 360 West Shopping Center to two tenants. Life Lessons family Services has taken 1,508 sq. ft. and 1,307 sq. ft., and Insight Investigations and Security Systems will occupy 1,307 sq. ft.

Divaris Real Estate is a member of Realty Resources (http://www.realtyresources.org/), a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S.

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REAL ESTATE

IKEA will open in St. Louis in fall of 2015

BY Michael Fickes

St. Louis, Mo. — IKEA plans to break ground on a three-level, 380,000-sq.-ft. building in midtown St. Louis this summer, according to Pace Properties, the broker selected by IKEA to help facilitate the chain’s expansion into the St. Louis market.

The site is a 21-acre redeveloped tract at the intersection of Forest park and Vendeventer avenues within the 240-acre CORTEX Life Science District in midtown St. Louis.

The building will feature two floors of showroom space above a ground-level garage. With supplemental surface parking, the site will accommodate 1,250 vehicles.

Pace began evaluating properties in metro St. Louis in 2004. Overall, the firm analyzed more than 30 prospective locations. A defining characteristic of the site IKEA selected is its urban setting in a gentrifying area of St. Louis City. IKEA typically favors suburban locations.

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