Town Center at Aquia sells for $6.2 million.
Town Center at Aquia, a 25-acre retail development in Stafford, has been sold for $6.2 million.
Bethesda, Md.-based Greysteel Co. said the buyer, Mosaic Realty Partners LLC, plans to develop the site into a 160,000-square-foot, grocery-anchored shopping center. The site currently houses a Regal Cinemas theater and a Rite Aid drugstore.
Greysteel’s mid-Atlantic retail investment sales team led by managing director Gil Neuman served as exclusive adviser and agent to the seller, Ramco Gershenson Properties Trust.
Town Center at Aquia is located at 2848 Jefferson Davis Highway at the intersection of Route 1 and Washington Drive in Stafford.
“Our client acquired this prime parcel just prior to the recession, at which point development plans halted,” Neuman said in a statement. “The new owners’ development will revitalize the area and complement other existing holdings of theirs in the market.”
The area includes a 98,000-square-foot office building and a 256-unit multifamily project being developed by the Franklin Johnston Group.