A developer is close to finalizing its purchase of a plot of land between Winding Brook and the proposed outlet mall. Image courtesy of Hendon Properties.
An out-of-town developer is getting in on the action at Winding Brook.
Atlanta-based Hendon Properties has 22.5 acres of land under contract in the Winding Brook development off Interstate 95 in Ashland, where it envisions a retail development that could encompass more than 150,000 square feet.
Cameron Zurbruegg, a development partner with Hendon, said the company should close on the purchase of the land by the end of this year. Holladay Properties, which has led the development of Winding Brook, is the seller. Zurbruegg declined to share the pending purchase price.
The 22.5 acres is split between a 19-acre chunk and a 3.5-acre piece. Both sit directly across Lewistown Road from the planned Outlets at Richmond, a proposed 392,000-square-foot outlet mall in the works by California-based Craig Realty Group.
The 3.5-acre piece is next to an upcoming Fairfield Inn that Holladay Properties is working on now and will open in the spring of 2016.
“We’re anxious to get going and feeling positive right now,” Zurbruegg said.
The 19 acres could support between 150,000 and 160,000 square feet of retail space, Zurbruegg said. And he said Hendon has already had some interest from tenants, including some big-box retailers and a wholesale club. The space will likely have one or two anchor tenants with additional shop space and some outparcel opportunities.
Zurbruegg said the smaller parcel could support two standalone buildings, and the company has been in talks with convenience store prospects and restaurants.
In addition to the Fairfield Inn, Winding Brook has seen a flurry of activity in the last few months. Layne’s Country Store & Amish Kettle opened its second location in the development, joining a new shooting range that is going up across from the Bass Pro Shops.
The recent activity is fueled in part by the prospect of Craig Realty’s massive outlet mall project. But the company has yet to provide a complete timeline for construction on the project. A representative with Craig Realty did not return requests for comment by press time.
Hendon may be able to use some of that momentum to its advantage. Zurbruegg said the company has been reaching out to potential tenants that have previously shown interest in Winding Brook through Colliers brokers Loretta Cataldi and Martin Blum, who handle leasing at the development.
“Colliers had generated a lot of interest already, but tenants require a developer basically, so we’ve been recontacting those people that have expressed interest before,” Zurbruegg said.
Hendon’s project marks its first move into Virginia. The 30-year-old company mostly does work in Georgia, North Carolina, South Carolina, Tennessee and Florida.
“This opportunity presented itself through the Colliers team, who contacted us because they felt like we might be a good fit for the retail activity that has been unearthed up there,” Zurbruegg said. “We had heard about the growth and opportunity in Richmond.”
Zurbruegg said the company does not yet have an estimate on development costs. Hendon would look to begin construction and wrap up leasing soon after purchasing the land or in early 2016, and would have the development open by the fall of 2016.
A developer is close to finalizing its purchase of a plot of land between Winding Brook and the proposed outlet mall. Image courtesy of Hendon Properties.
An out-of-town developer is getting in on the action at Winding Brook.
Atlanta-based Hendon Properties has 22.5 acres of land under contract in the Winding Brook development off Interstate 95 in Ashland, where it envisions a retail development that could encompass more than 150,000 square feet.
Cameron Zurbruegg, a development partner with Hendon, said the company should close on the purchase of the land by the end of this year. Holladay Properties, which has led the development of Winding Brook, is the seller. Zurbruegg declined to share the pending purchase price.
The 22.5 acres is split between a 19-acre chunk and a 3.5-acre piece. Both sit directly across Lewistown Road from the planned Outlets at Richmond, a proposed 392,000-square-foot outlet mall in the works by California-based Craig Realty Group.
The 3.5-acre piece is next to an upcoming Fairfield Inn that Holladay Properties is working on now and will open in the spring of 2016.
“We’re anxious to get going and feeling positive right now,” Zurbruegg said.
The 19 acres could support between 150,000 and 160,000 square feet of retail space, Zurbruegg said. And he said Hendon has already had some interest from tenants, including some big-box retailers and a wholesale club. The space will likely have one or two anchor tenants with additional shop space and some outparcel opportunities.
Zurbruegg said the smaller parcel could support two standalone buildings, and the company has been in talks with convenience store prospects and restaurants.
In addition to the Fairfield Inn, Winding Brook has seen a flurry of activity in the last few months. Layne’s Country Store & Amish Kettle opened its second location in the development, joining a new shooting range that is going up across from the Bass Pro Shops.
The recent activity is fueled in part by the prospect of Craig Realty’s massive outlet mall project. But the company has yet to provide a complete timeline for construction on the project. A representative with Craig Realty did not return requests for comment by press time.
Hendon may be able to use some of that momentum to its advantage. Zurbruegg said the company has been reaching out to potential tenants that have previously shown interest in Winding Brook through Colliers brokers Loretta Cataldi and Martin Blum, who handle leasing at the development.
“Colliers had generated a lot of interest already, but tenants require a developer basically, so we’ve been recontacting those people that have expressed interest before,” Zurbruegg said.
Hendon’s project marks its first move into Virginia. The 30-year-old company mostly does work in Georgia, North Carolina, South Carolina, Tennessee and Florida.
“This opportunity presented itself through the Colliers team, who contacted us because they felt like we might be a good fit for the retail activity that has been unearthed up there,” Zurbruegg said. “We had heard about the growth and opportunity in Richmond.”
Zurbruegg said the company does not yet have an estimate on development costs. Hendon would look to begin construction and wrap up leasing soon after purchasing the land or in early 2016, and would have the development open by the fall of 2016.
A Kroger and a kohl’s would be great there.