Heidenberg Properties Group acquires Culpeper Colonnade for $32m

Heidenberg Properties Group announces the $32.65 million acquisition of the Culpeper Colonnade in Culpeper, Va., from Regency Centers Corp.

The center is currently 100 percent occupied and is located approximately 65 miles southwest of Washington, D.C. The newly acquired property is a 307,000-square-foot shopping center anchored by a 70,000-square-foot Martin's Food Market, a 127,000-square-foot Target (shadow-anchored), a 36,000-square-foot Dick's Sporting Goods, a 21,000-square-foot PetSmart, and a 15,000-square-foot Staples, which will be replaced by a 16,000-square-foot Michaels. In addition to these national anchors, the center also includes Chick-fil-A, Panera Bread, Glory Days Grill, Chipotle and IHOP.

Culpeper Colonnade is located off of Business Route 29, the area's main retail corridor trafficked by more than 25,000 vehicles per day. Immediately surrounding the center along Route 29 are other nationally prominent retailers such as Walmart, Lowe's, Kohl's, T.J. Maxx, Aldi and Lidl.

The population in the five-mile trade area has expanded significantly since 2000, growing approximately 70 percent to more than 30,000. Moreover, the ratio of household incomes (average: $83,400) to home values (median: $238,000) provides a customer base with significant discretionary income. Driving the population growth is both excellent access to the suburban employment centers that ring the capitol and a growing number of high-tech firms that have established operations in Culpeper, including Terremark's 320,000-square-foot secure network access point data center and the Library of Congress' 415,000-square-foot state-of-the-art National Audio-Visual Conservation Center.

Heidenberg Properties and its partners have acquired over 900,000 square feet of retail properties since January of 2017.