BLACKSBURG, VIRGINIA: Cushman & Wakefield | Thalhimer’s Capital Markets Group has represented the seller in the disposition of University Crossroads, a newly constructed, unanchored strip center located at the main entrance of Virginia Tech. The 18,316 square foot asset was delivered earlier this year. The tenant roster includes a diverse mix of national and regional operators including Chipotle, Panda Express and Tropical Smoothie Café. The asset is part of the larger mixed-use University Crossroads development, which includes additional small shop retail space, a freestanding CVS pharmacy and two nationally branded hotels with a total of 250 guest rooms. University Crossroads was developed by Graystone Companies, headed by Virginia Tech alumni Shivon Dosky and Kirk Johnson.
“This was a rare opportunity for an institutional investor to acquire a well located, trophy asset in a thriving college community.  The interest we received in this property is a testament to the strength of the location and quality tenant mix at the center.” said Catharine Spangler, a First Vice President with Cushman & Wakefield | Thalhimer’s Capital Markets Group.
The asset was acquired on October, 25 2017. The transaction was completed by Eric Robison and Catharine Spangler of Cushman & Wakefield | Thalhimer’s Capital Markets Group.
Cushman & Wakefield | Thalhimer’s Jessica J. Gauldin and John Nielsen completed the lease-up of the property and Thalhimer Commercial Property Services was awarded the management of the asset going forward under the new ownership. Chrissy Price, CAM, CAPS has been assigned portfolio manager.