Roadside Development, which helped bring new vibrancy, and a Harris Teeter supermarket, to an old dairy farm in Purcellvile, is now looking to sell and use the proceeds to restock its development pipeline.
Roadside has retained Holliday Fenoglio Fowler LP to market its Purcellville Gateway to prospective buyers after converting the old farmhouse and silo at 105 Purcellville Gateway Drive into a fully leased retail center. Roadside Partner Richard Lake said he is pleased with the success of the 16-acre, 88,700-square-foot project but determined now was a good time to seek buyers for the property and use the money to move on to others.
Purcellville Gateway, so named for its prominent location at the entrance to the town, is nearly 50 miles west of D.C. and more of a village center than some of Roadside’s newer projects like the City Market at O and even the destination-oriented Stonebridge at Potomac Town Center. Purcellville Gateway is coming to market as Roadside has finished roughly $400 million in new developments, which has pretty much depleted its pipeline.
Lake said Roadside is working on a number of projects closer to the D.C. line and in more urban environments. Like what? Well, he’s keeping them close to the vest at this point, but look for more “closer-in projects,” perhaps even sizable grocery-anchored mixed-use developments near Metro stations.
“It’s much more like a village, it’s well-positioned and integrated with the community it surrounds,” Lake told me. “We don’t like to sell assets, and it’s always hard to let one go, but with the market where it is today, we just felt that it was probably the right time.”
It’s too late, and too big, to fill any Christmas stockings, but for those in the market for a new retail center, HFF’s marketing materials notes Purcellville Gateway’s year-one net operating income is $2.1 million. The center comes with the potential for an additional 3.1 acres of commercial or residential development, and roughly 12,700 cars pass by it along Main Street daily. It’s assessed at nearly $16.2 million, according to Loudoun County land records.