Rappaport Acquires Village at Leesburg
Read more as reported by the Washington Business Journal.
March 12, 2018- Rappaport—a Northern Virginia based developer and third party service provider specializing in retail investments—announced the acquisition of the 551,000 square-foot retail component of Village at Leesburg, a Wegman’s anchored mixed-use town center located in Loudoun County, Virginia. Rappaport is a privately held organization that focuses on enhancing urban and suburban neighborhoods with service-oriented and client centric retail real estate services. In 2014, Rappaport was selected to spearhead the asset management of Village at Leesburg’s office and retail components. Following a marketing process by existing ownership, Rappaport was ultimately selected to purchase the retail portion anchored by Wegmans, Cobb Theatres, LA Fitness and Bowlero.
“We serve as trusted retail advisors and take pride in managing each asset as if it were our own,” says Rappaport President Henry Fonvielle, “The client was impressed with our accomplishments here, and expanding our role to be a principal owner was a natural step in our progression with this investment.” Fonvielle oversees leasing of all shopping centers in the Rappaport portfolio, and third-party brokerage, which includes Landlord and Tenant Representation. “More than 75% of our business involves providing our retail expertise to other property owners—in this case we were intimately involved in the details of Village at Leesburg and in a unique position to realize the value proposition via purchase.”
Village at Leesburg opened in 2009, and under Rappaport’s leadership, which began in 2014, the retail occupancy has increased from 76 to 94 percent. Rappaport helped guide the transformation of Village at Leesburg to a thriving town center by applying a consumer marketing strategy, proactive property management services, and experienced leasing oversight. Rappaport develops, owns, and manages retail properties, with third-party retail management services being a unique distinction amongst commercial real estate developers.
In the past two years Village at Leesburg underwent a $6 million renovation to strengthen the property’s existing common areas into animated, year-round community gathering spaces. Creating spaces for the community to enjoy, strategically replacing tenants, and leasing to experiential users was the multifaceted approach to define Village at Leesburg as a dining and entertainment destination. In the past year, the town center has welcomed celebrity Chef Santosh Tiptur’s first solo restaurant venture, The Conche, and Bowlmor AMF’s newest concept, Bowlero. Last week Village at Leesburg completed contract negotiations with Loudoun County’s newest shared kitchen space – Chefscape Leesburg. This 10,000+ square-foot commercial kitchen, food hall, marketplace, business center and event space will be a home for Loudoun County chefs and caterers as well as an incubator for food entrepreneurs.
Rappaport will continue to apply best-in-class retail services to further define Village at Leesburg as Loudoun County’s prime town center. Contact Rappaport retail brokers Susan Bourgeios and Mike Leon for leasing opportunities.