The retail component of a planned mixed-use development in suburban Hanover County is set to begin construction in coming months.
Rutland Place, a 14,000-square-foot retail development planned on 2.4 acres near the intersection of Chamberlayne Road and Rutlandshire Drive, will start going vertical this year, said Jim Ashby, a broker with Cushman & Wakefield | Thalhimer.
Apple Retail Properties, a Pennsylvania-based commercial real estate development firm, purchased the tract from Richmond-based HHHunt Communities three months ago for nearly $1.4 million.
Ashby represented Apple Retail Properties in the Nov. 30 transaction. Fellow Thalhimer broker David M. Smith represented HHHunt.
Both Ashby and Smith are preleasing the retail center.
Plans call for the development to include two 7,000-square-foot buildings, with varying unit counts per building depending on tenants, Ashby said. The retail component also includes two outparcels.
Rutland Place will be part of a nearly 7-acre mixed-use development mostly fronting Chamberlayne Road, which will include three buildings housing 17,500 square feet of office space. The development also will include a two-story, 20,000-square-foot Hanover County library.
Since preleasing the development seven months ago, Ashby said his team is close to leasing up the shopping center. He would not disclose potential tenants, because the leases have not been signed.
“We have several leases out for execution with national and regional concepts, as well as several letters of intent from various other users,” Ashby said.
The project is located in Hanover’s Atlee area, where retail demand is growing with the rooftop count. Retail in the area grew in the past three years, including a Kroger Marketplace that opened in 2014, Bojangles, Dunkin’ Donuts, Subway and Auto Zone.