Fredericksburg shopping center fetches $7 million
- January 21, 2019
A Garden State firm now owns a shopping center in Fredericksburg.
River Crossing LLC Inc. of Ocean City, N.J. acquired on Jan. 16 The Shops at River Club at 10865 Tidewater Trail in Fredericksburg for $7 million, according to Cushman & Wakefield | Thalhimer. The seven-acre shopping center sits just beyond the city limits toward the southeast.
The 54,773-square-foot shopping center was most recently assessed at $7.9 million, according to a Spotsylvania County property record; the county had yet to record the recent sale online. The property was previously owned by Schooler Properties of River Club LLC, a Fredericksburg-based entity.
The Shops at River Club was built in 2003 and 2004 and has been anchored by a Weis’ Markets since 2016. The shopping center was 98 percent leased at the time of the sale with tenants including a Virginia ABC store, Subway and The Tidewater Animal Hospital.
Negotiations of the sale were handled by Cushman & Wakefield | Thalhimer brokers Catharine Spangler, Calvin Griffith, Jim Ashby and Sharon Schmidt.