Chevy Chase, MD —The Chevy Chase Land Company (“The Land Company”), a leading owner, manager and developer of office, retail and multi-family properties in the Washington, DC metro area, announced today the $62 million acquisition of South Lakes Village Shopping Center, a 110,000 square foot, Safeway-anchored center located in the heart of Reston, Virginia.
“South Lakes Village Shopping Center is an excellent addition to an already strong portfolio of office, retail and multifamily assets,” said Tom Regnell, President and CEO of The Land Company. “Reston, VA continues to grow and thrive as a result of not only the excellent planning that defines its livability and appeal but also due to the expansion of Metrorail through the Silver Line and the strong economy along the Dulles Corridor.”
South Lakes Village Shopping Center’s tenant roster includes strong credit national and regional tenants including Safeway, CVS, BB&T Bank, Starbucks, SunTrust and Pet Valu. The shopping center serves the dense and affluent communities in and around the renowned master planned community of Reston, VA, with average household incomes of more than $170,000 in the one-mile radius of the property. South Lakes Village has outstanding access to Sunrise Valley Drive and the Dulles Toll Road, the major east-west arteries serving the Reston community, as well as ample surface parking and excellent visibility.
The Land Company acquired the property through a 1031 tax deferred exchange from the sale of its Richmond office building portfolio earlier this year.
About the Chevy Chase Land Company
For over 125 years, The Chevy Chase Land Company has owned, managed and developed exceptional properties throughout the Washington, DC region. Today, the Land Company owns and manages almost two million square feet of office, retail and residential properties. For more information on the Land Company, please visit: www.cclandco.com.
