Retail center sells in Blacksburg

Published October 26, 2017 by Paula C. Squires

Cushman & Wakefield | Thalhimer’s Capital Markets Group announced the sale Thursday of a newly constructed shopping center located at the main entrance of Virginia Tech. 

The buyer, an institutional investor, and the purchase price were not disclosed.

The 18,316-square-foot center was completed earlier this year. Tenants include a mix of national and regional operators, including Chipotle, Panda Express and Tropical Smoothie Café.

The center is part of a larger, mixed-use University Crossroads development, which includes additional small-shop retail space, a CVS pharmacy and two nationally branded hotels with a total of 250 guest rooms.

Graystone Cos., headed by Virginia Tech alumni Shivon Dosky and Kirk Johnson, are the developers behind University Crossroads.

“This was a rare opportunity for an institutional investor to acquire a well located, trophy asset in a thriving college community.  The interest we received in this property is a testament to the strength of the location and quality tenant mix at the center,” Catharine Spangler, a first vice president with Cushman & Wakefield | Thalhimer’s Capital Markets Group, said in a statement.

According to Thalhimer, the property was acquired on Oct. 25.  Eric Robison and Spangler of Cushman & Wakefield | Thalhimer’s Capital Markets Group completed the transaction. 

Thalhimer’s Jessica J. Gauldin and John Nielsen completed the lease-up of the property. The Thalhimer Commercial Property Services team will manage the asset going forward under the new ownership. Chrissy Price will serve as the portfolio manager.