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Holladay lands another deal at Exit 89

Michael Schwartz July 30, 2013 0
The Shoppes I building. (Courtesy of Holladay Properties)

The Shoppes I building in Hanover County. (Courtesy of Holladay Properties)

The developer of Winding Brook has sold off another chunk of its Ashland holdings.

Holladay Properties this month sold Shoppes I, a 1.5-acre retail section of the Bass Pro Shops-anchored development off Exit 89 in Hanover County.

The 10,000-square-foot property is fully leased and sold for $2.85 million, according to Austin Haynes, senior vice president of development at Holladay. Its tenants include Salsas Mexican Grill, Subway, Beef Jerky Outlet and a nail salon.

The buyer was a group of investors out of Maryland under the name WBPPM LLC.

Shoppes I is the latest piece of Winding Brook that Holladay has sold off in the past year.

In January, it sold the 13-acre, 140,000-square-foot Bass Pro Shops retail store and the parking lot at 11550 N. Lakeridge Pkwy. for $9.1 million.

Winding Brook

The entrance to the Winding Brook development.

In November, it sold almost two acres for what will be Shoppes II to a group out of Northern Virginia for about $676,000, Haynes said. That piece is under construction and will be 12,000 square feet.

Holladay sold a plot to fried chicken chain Bojangles’ in January for $396,000. And it expects to close next month on the sale of another piece to fast food chain Wendy’s for $368,000, Haynes said.

“We sell them off in chunks as we go,” he said.

Holladay still has about 100 acres to work with at the development. That include 55 acres it owns and another 45 acres owned by a local family, Haynes said.

The properties are across the road from a planned 392,000-square-foot outlet mall.

Holladay had originally targeted an outlet mall on its section of the land. But California developer Craig Realty Group chose to acquire 43 acres at the northeast corner of the intersection of Lewistown Road and Lakeridge Parkway for its project.

“It’ll help us in the long run,” Haynes said of the outlet development and the shoppers it will attract. “We were disappointed when the outlets chose to go across the street, but we understand why.”

Also planned for the area is a $6.5 million Harley-Davidson dealership. With that and the new Wendy’s and Bojangles’ in the works, Haynes said Exit 89 continues its rise.

“We’re starting to see the marketplace heat up,” he said.

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