Creekside Station Shopping Center in Kernstown has been purchased by Baltimore-based Continental Realty Corp. for $19.5 million, according to a company news release Thursday.
Creekside, which opened in 2003 on a 13-acre site at 3103 Valley Ave., was developed by local father and son Al and Joe Glover, according to previous reporting by the Winchester Star. The center was developed to serve as a “lifestyle center” offering upscale retail space that is pedestrian-friendly.
The 126,304-square-foot site currently houses about 50 businesses, including Chico’s, J.Jill, Jos. A Bank, IJ Canns American Grille, The Little Gym and Virginia National Bank.
“The center is part of Creekside Town Center; Creekside Village is a 100% leased office park with over 40,000 square feet of commercial office space; and construction is underway on The Lofts at Creekside, a collection of approximately 50 three-story townhouses within walking distance of the shopping center,” the release states.
Continental Realty Corp. CEO JM Shapiro said in a news release that his company became interested in Creekside Station because the center has “demonstrated extreme resilience” by consistently maintaining 95 percent occupancy. Currently, 97 percent of the shopping center’s available space is leased.
“The perfect balance of local and national retailers and restaurants, combined with Frederick County’s proven foundation of sustained population growth, new home construction and a robust labor market, make Creekside Station an ideal addition to our national portfolio,” Shapiro said. “We intend to immediately fill the few remaining open positions…”
Josh Dinstein, senior vice president of acquisitions for Continental Realty Corp., said in a press release that Creekside’s location and the area’s growth make it an “irreplaceable asset poised for long-term upside.”
“The remote work phenomenon accelerated by the pandemic has made Winchester a very attractive place to work, with a higher quality of life and lower cost of living compared to suburbs closer to Washington, D.C.,” Dinstein said. “Winchester and Frederick County continue to be one of the fastest growing areas in the state…This population growth has increased foot traffic and sales at area shopping venues.”
Creekside Station marks the second shopping center purchase in Virginia this year by Continental Realty Corp., whose portfolio includes residential and commercial properties in 11 states, according to a press release.
Real estate agent Gilbert Trout, who represented the seller, Creekside Properties, in the transaction, said in a press release that the property was sold by its original owner.
“It was important to them that the buyer of the property would be a first-rate operator who was equally committed to the existing tenants and the City of Winchester and would continue to maintain the property’s impeccable upkeep,” Trout said in a statement. “… [I]It was clear to all of us that there was no one better equipped to look after our property than Continental Realty Corporation.”
