REAL ESTATE

Regency sells Virginia center for $32 million

BY Al Urbanski

Heidenberg Properties announced it has completed the purchase of a 307,000 sq. ft. shopping center in Culpeper, Va., from Regency Centers.

Culpeper Collonade is anchored by a 70,000-sq.-ft. Martin’s Food Market, as well as Dick’s Sporting Goods and PetSmart. It is shadow-anchored by a 127,000-sq.-ft. Target store.

The center is 100% occupied and draws steady traffic for its array of fast-casual dining options, including Chick-fil-A, Panera Bread, Glory Days Grill, Chipotle, and IHOP.

Culpeper is at the nexus of four main interstates–I-66 to the north, I-95 to the east, I-64 to the south, and I-81 to the west—and is the dominant retail location within a 15-mile radius.

“This acquisition is in many ways a culmination of the investment strategy that we have been executing over the past few years,” said CEO Robert Heidenberg. “It affords us the opportunity to add another dominant, grocery-anchored center, as well as grow our portfolio in the Mid-Atlantic.”

Heidenberg Properties focuses on the acquisition and development of open-air shopping centers, net leased properties, and secured note purchases in the eastern United States.

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