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Ross Dress For Less has inked a 22,721-square-foot lease at Marumsco Plaza, a retail center in Woodbridge, Va.
Landlord The Garrett Companies acquired the 238,836-square-foot center at 13957 Richmond Highway in 2014.
Built in 1963, the retail center is 100 percent occupied with a tenant roster that includes Walgreens, Wells Fargo, Todos Supermarket, Children of America preschool, Advance Auto Parts and a Virginia ABC liquor store.
KLNB brokered the deal, and has leased more than 75,000 square feet at Marumsco Plaza since assuming leasing duties in 2016, according to Veronica Kamara, a principal with KLNB.
“The center has a regional draw to the surrounding community due to the tenant mix,” Kamara told Commercial Observer. “There is strong growth and traffic on the Route 1 corridor in Woodbridge. For instance, the landlord is developing Jefferson Plaza adjacent to Marumsco for multifamily.”
With access to two intersections, over 36,000 cars drive past Marumsco Plaza each day, and nearly 200,000 residents live within five miles of the Plaza, with a median income of $92,000, according to KLNB data. Nearby portions of Route 1 will soon be widened from four to six lanes, and per-day vehicle traffic is projected to grow from 44,000 to 75,000 after the project is finished.
“Premier properties like Marumsco Plaza draw significant interest, but not every tenant is an ideal fit,” Kamara said. “KLNB’s connections and knowledge of the market allow our clients to welcome brands that have a large consumer draw and cater to the local community. We’re in a cycle where discount merchandise retailers like Ross Dress For Less are beginning to dominate, and their addition will be popular among consumers for years to come.”
KLNB’s Dimitri Georgelakos joined Kamara in representing the landlord in the lease, while Larry Hoffman with H&R Retail represented the tenant.
Keith Loria can be reached at Kloria@commercialobserver.com.
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