Colliers Brokers Sale of Forest Lakes Shopping Center for $9.3M

CHARLOTTESVILLE, VA, June 15, 2022 – Colliers is pleased to announce the sale of Forest Lakes Shopping Center, located at 3441-3449 Seminole Trail and 1740-1770 Timberwood Drive in Charlottesville, VA (the “Property”) for $9,300,000.00.

The Property encompasses 8.67 acres with 75,449 rentable square feet located along the Rt. 29 corridor in the dynamic market of Charlottesville. The 84% leased property is anchored by a strong performing Food Lion grocery store, along with a complimentary set of restaurant and service oriented tenants.

Colliers marketed the property on behalf of the seller, SSQ and Fermium, LLC. The team was led by First Vice President, Jay O’Donnell and Vice President, Jeff Fritz, CCIM. The Buyer was Collett Capital, out of Charlotte, NC.

“Grocery anchored centers continue to be in very high-demand and command record pricing. The asset’s significant value-add components and positioning directly on the growth pattern of the high barrier to entry Charlottesville market contributed to the Seller achieving top of market pricing. We’re excited to see Collett Capital execute their plan for the center.”

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Jay ODonnell

First Vice President

Charlottesville

+1 434 284 4019

Jay O'Donnell joined the firm's Charlottesville office as Vice President of Brokerage Services in 2015 and was promoted to First Vice President in 2020. As a member of the Colliers Retail Investement Property Group, Jay focuses on advising private and institutional investors in the dispostion and acquisition of retail assets throughout the mid-atlantic. Jay also performs occupier and agency services as well as user and investment sales in Charlottesville and central Virginia.

His previous position was with CBRE in their Washington, DC office where Jay was responsible for over 1 million square feet of existing inventory as well as product under development in the district, suburban Maryland and Northern Virginia. His responsibilities included tenant generation and prospecting, business developement, multiple market analysis, landlord services and lease and sale negotiations before focusing on capital markets and joining the CBRE Mid-Atlantic Investment Team.

Prior to his career in commercial real estate, Jay worked for a sports production firm in Winchester, VA. He graduated from the University of Virginia with a degree in Economics.

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Jeff Fritz

Vice President

Norfolk - Main

+1 757 228 1840

Jeff Fritz is a Vice President and a plaform leader of Colliers Retail Investment Property Group. In this capacity, he is responsible for supervising and directing retail investment sales activities. Jeff also works to advise private and institutional investors on the acquisition and disposition of retail assets throughout the Mid-Atlantic. Prior to joining Colliers, Jeff had 13 years of commercial real estate experience in development, asset management and real estate management primarily focused on retail properties. Through his prior experience, Jeff developed a thorough understanding of retail property financials, construction, development, leasing, and operations which serve his investment property practice well.

Jeff is actively involved in ICSC as well as being a member of the Hampton Roads Association of Commercial Real Estate (HRACRE) and the CCIM Institute.

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