New York-based Kimco Realty has acquired Stonebridge at Potomac Town Center in Woodbridge, Virginia, from JBG Smith for $172.5 million, with plans to expand what is already one of the largest open-air shopping centers in the D.C. region.
It is the priciest retail real estate deal in the D.C.-area market this year, according to CoStar data.
The 500,000-square-foot, mixed-use development, just off Interstate 95 at Dale Blvd, was built in 2007. JBG Smith acquired it from its original developer in 2015.
Stonebridge at Potomac Town Center includes hundreds of apartments, two dozen stores, including Wegmans, Barnes & Noble, REI, an Apple store and Alamo Drafthouse, and two dozen restaurants. A Crumbl Cookies store opens next month.
It also hosts regular events, including live concerts and community gatherings. Its Fall Festival and Chili Cook-off is Sept. 9.
The acquisition presents several options for expansion, Kimco said, including developing three outparcel retail buildings and increasing density through mixed-use development.
The shopping center is 96% leased.
Kimco calls the property a premiere retail center with strong demographics. The average household income within a five-mile drive is $125,000.
“We are excited to add Stonebridge at Potomac Town Center, a premier grocery-anchored center situated in a high barrier-to-entry location,” said Kimco president and chief investment officer Ross Cooper. “This center boats a robust growth profile that will complement and solidify Kimco’s position as the leading retail player in the suburban Washington, D.C. market.”
Kimco owns more than 520 shopping centers totaling 90 million square feet. It has 15 shopping centers in its D.C.-area portfolio, including Pentagon Centre, Potomac Run Plaza and Dulles Town Crossing.
