Williamsburg Outlet Mall is sold
Armada Hoffler Properties and Vistacor LLC have bought the former Williamsburg Outlet Mall with plans to create a new grocery-anchored shopping center.
The proposed Lightfoot Marketplace shopping center on Williamsburg’s Lightfoot Road will replace the 230,000-square-foot , enclosed mall, which closed last year.
The 18.5-acre Lightfoot Marketplace project is scheduled will be developed in phases.
The first phase, involving about 88,000 square feet of space, is scheduled for completion in early 2016. Construction is expected to begin in the third quarter of this year.
Harris Teeter has signed a 20-year lease for a 53,000-square-foot supermarket. Other stores and restaurants will occupy an additional 35,000 square feet in the first phase.
The second phase would involve the development of another 42,000 square feet of space.
Virginia Beach-based Armada Hoffler Properties, a publicly traded real estate investment trust, is the majority partner in the joint venture.
Vistacor, a Hampton Roads-based development company, also has developed Landstown Commons, a 530,000-square-foot “big-box” retail center in Virginia Beach.
Mid-Atlantic Commercial Realty handled the sale of the property.