The JCR Companies has acquired the 51,800 square feet of retail space at Lorton Station Town Center for $13.8 million, according to a news release from JCR.
The Lorton Station Town Center, which occupies the ground-floor area directly above the Virginia Railway Express (VRE) commuter train station, was sold by Regency Centers.
It is 100 percent leased to 19 local, regional, and national tenants including Wells Fargo, Fireside Grill, Subway, Pan e Vino, FedEx, and others. It is part of a mixed-use project with more than 170,000 SF 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,” said Joe Reger, Managing Partner of The JCR Companies. He added that the new ownership plans to reposition about 7,000 SF of retail space that is leased but currently vacant, and hold the property for the long term. JCR’s acquisition was financed by Cantor Commercial Real Estate.
Founded in 2009, JCR continues to be one of the most prolific buyers of urban retail, multifamily, office and mixed use properties in the Washington, DC metropolitan area. Its growing portfolio of 16 properties includes prominent retail space in the 14thStreet corridor and apartment buildings in northwest Washington. JCR is currently seeking to expand its portfolio of boutique office buildings in urban locations.