JCR Cos. buys retail space at Lorton Station Town Center
- July 7, 2014
The JCR Cos. has acquired 51,800 square feet of retail space at Lorton Station Town Center for $13.8 million.
The center, which occupies the ground-floor area directly above the Virginia Railway Express (VRE) commuter train station, was sold by Regency Centers.
According to JCR, the space is totally leased to 19 local, regional, and national tenants including Wells Fargo, Fireside Grill, Subway, Pan e Vino, FedEx and others.
The center is part of a mixed-use project with more than 170,000 square feet of office and commercial space and nearly 1,200 single-family homes, townhomes, condominiums, and apartments.
“We are excited about the growth of the Lorton area and the strong year-over-year ridership increases at the Lorton VRE Station,” Joe Reger, managing partner of the JCR Cos., said in a statement.
He added that JCR plans to reposition about 7,000 square feet of the retail space that is leased but currently vacant, and hold the property for the long term. Cantor Commercial Real Estate financed JCR’s acquisition.
Founded in 2009, Arlington-based JCR is one of the most prolific buyers of urban retail, multifamily, office and mixed-use properties in the Washington, D.C., area. Its portfolio of 16 properties includes retail space in the 14th Street corridor and apartment buildings in northwest Washington.