The Graystone Companies has closed on the sale of University Crossroads, a new unanchored strip center located at the main entrance of Virginia Tech. Located in Blacksburg, VA., the 18,316 square foot asset was completed earlier this year. National retail tenants in the scheme include 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. Cushman & Wakefield | Thalhimer’s Capital Markets Group represented the seller in the sale whose terms were not disclosed.
“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.
