JCR Cos. buys Manassas shopping center for $31 million

The JCR Cos. has acquired the Center at Innovation in Manassas for $31 million. According to the Washington, D.C.-based firm, the center is more than 90 percent leased to a mix of national, regional, and local tenants including TJ Maxx, PetSmart, Chick-Fil-A, Verizon Wireless, and Red Robin.

The 101,990-square-foot shopping center also is shadow-anchored by a Target.

JCR said it plans to sell the three pad sites currently leased to Chick-Fil-A, SunTrust Bank, and Red Robin and to fully lease the inline space.

The Center at Innovation is located on Nokesville Road (VA-28) just west of the interchange with Prince William Parkway (VA-234), a key intersection in Manassas. More than 1,000 residential units and 1 million square feet of commercial development are planned or under construction within three miles of the center.

Completed in 2008 on a 14-acre parcel, the property offers five modern buildings with 482 parking spaces. 

“We are more bullish than ever on necessity-based neighborhood retail,” JCR Principal Joe Reger said in a statement.  “In fact, we hope to acquire over $100 million of retail property in the Washington, D.C. metropolitan region in 2018.”

Reger added that JCR likes the fundamentals and rapid growth rate of Manassas. Center at Innovation is JCR’s second shopping center acquisition in Manassas, and its ninth suburban retail center acquisition since 2012.

In the national capital region. JCR’s growing portfolio focuses on the area’s core submarkets including Dupont Circle, Logan Circle, Capitol Hill, Old Town Alexandria, Georgetown, and several fast-growing suburbs. 

Holliday Fenoglio Fowler represented the seller, EDENS, in the sale of the center.