Boosalis Properties Represents Buyer in $19.1 M Transaction Slated for Over 2 Million SF Mixed-Use Development in Northern VA
Oct 15, 2019, 16:42 ET
WOODBRIDGE, Va., Oct. 15, 2019 /PRNewswire/ -- Boosalis Properties represented Grace Street Properties with their recent $19.1 Million purchase of Station Plaza, located in Woodbridge VA. George Boosalis handled the buyers side of the transaction and the seller was represented by David Choi of Greysteel. The transaction took place in North Woodbridge, where Station Plaza is a 158,000 SF retail space with 13+ acres. The shopping center is anchored by Food Lion and sold for a 7.6% CAP rate. Funding was provided by Apple Federal Credit Union with Kishor Karki leading the Apple FCU team. The site sits directly across from the VRE/Amtrak station.
On October 8th, the Prince William County Board voted on the new master plan for North Woodbridge. They call it the "Small Area Plan" which is part of an Opportunity Zone consisting of 100+ acres slated for high density mixed-use development. The Prince William County Board is focused on capturing the opportunities coming into the area by adding a bustling mix of residential, commercial and recreational attractions to bring future Amazon employees into Prince William County. North Woodbridge is in close proximity to I-95, Amtrak/VRE, Washington DC and Amazon HQ2. This site is four stops away from the soon to be Amazon HQ2. The plan is calling for 25,000 - 30,000 residents consisting of 15,000+ apartment units and several million square feet of retail space in Woodbridge VA, all within a 1/4 mile radius. It will be walking distance to the VRE/Amtrak station, with even a possible ferry stop coming in the near future. The Board is also pushing hard for the VRE/Amtrak station to be the future Acela stop between Richmond and Washington DC. This project will reap the rewards from the several years of the Route 1 widening construction.
The purchaser of Station Plaza has plans to instantly begin working on the site plan. The site has been master planned for over 2 Million square feet of mixed-use development which will include retail space for lease. The new owner feels this will be a prime location for Amazon employees. A Grace St. Properties representative said "We will begin to work closely with the county to possibly bring a pedestrian bridge from our condominium site to the VRE/Amtrak station. This will essentially create an opportunity for residents to be at their jobs in Washington DC or Amazon HQ2 office space within 30-45 minutes. They will not have to sit in traffic or drive to get to work from Woodbridge, VA. They can simply wake up and walk to the VRE/Amtrak station. We believe the site has the potential to be one of the largest mixed-use developments in Northern Virginia." Local area residents are excited for the future of Woodbridge to finally become a reality.
CONTACT: George Boosalis, 703-494-7691, [email protected]
SOURCE Boosalis Properties
