O’Connor Capital Partners, a New York-based real estate investment, management and development firm, has acquired The Shops at Stonefield, a 265,000-square-foot lifestyle center in Charlottesville, Va. The center was acquired for $121.1 million from EDENS, a leading real estate owner and developer.
The lifestyle center is 89.9 percent leased to such retailers as Lululemon Athletica, Vineyard Vines, Pottery Barn, Williams-Sonoma, Brooks Brothers, Orvis, Bluemercury, Trader Joe’s and Regal Cinema. The property is located two miles north of the University of Virginia and is a popular destination for the students and faculty.
“The Shops at Stonefield is the preeminent retail destination in the market, with no other lifestyle center in the vicinity that offers such as broad scope of upscale retail, dining and entertainment options,” said William Q. O’Connor, chief executive officer of O’Connor Capital Partners. “The modern architecture and intimate outdoor environment provide a vibrant urban destination that attracts and retains the top retailers in the market.”
He said that there is upside potential through leases of available space and the company plans to improve the center and add more tenants that aren’t represented in the market. L.L. Bean, for example, plans to move into 15,000 square feet at the center this summer.
The Northside portion of the center includes a Costco, which wasn’t part of the acquisition, but creates substantial foot traffic for the property.