The Jacksonville-based developer is seeking a grocery tenant for Arlington property.
JWB Real Estate Capital confirmed Feb. 28 that it seeks a grocery store to anchor College Park, the renamed Town & Country Shopping Center at northeast Arlington Expressway and University Boulevard in Arlington.
“JWB hopes to secure a grocery store tenant to anchor the plaza and has been in conversation with prospective grocers to customize the space to suit their needs,” said JWB President Alex Sifakis in a news release.
Sifakis did not identify the grocers or the other tenants he wants to sign.
“We are trying to do what’s in the best interest of the Arlington neighborhood in the long-term, not simply fill spaces for profit’s sake,” he said.
Sifakis estimates JWB will spend $3 million to renovate the center and invest up to $7 million to develop the 2.2-acre mixed-use outparcel.
Jacksonville-based JWB commissioned a mural called The Wall at College Park. Area artists completed the “Arlington” artwork on the south end of the complex facing the expressway.
Sifakis said College Park renovations will include a façade redesign, mixed-use outparcel space at the southwest corner of the property, signage overhauls and lighting improvements.
“The College Park property is the Gateway to Arlington and a crucial lynchpin in creating a positive impression for the neighborhood,” Sifakis said in the release.
The release said JWB made initial lighting improvements.
“JWB plans to renovate the center’s façade as its first project for the site following the installation of the murals,” it said.
“Working with architects and local contractors, plans include altering rooflines, varying exterior finishes and using a new color scheme to bring the plaza up to contemporary standards.”
JWB solicited sign designers and engineers to overhaul the signage throughout the property.
According to the release, JWB revitalizes neighborhoods “one house at a time, making communities better so that its neighbors can thrive and grow.”
“College Park represents a doubling-down of JWB’s efforts to make sure that Jacksonville’s neighborhoods are the best they can be so that the community can reach its full potential together,” it said.
JWB Real Estate Companies LLC bought the 67-year-old center in August for $5.08 million.
The property is part of the Renew Arlington Community Redevelopment Area, which the city hopes to assist with rejuvenation.
Jacksonville University is a leader in the redevelopment efforts.
Sifakis said Feb. 8 that the College Park name seemed to fit with JU, which is less than 2 miles north. He said his group hopes to play a significant role in Renew Arlington.
Sifakis said previously the center is about 50% occupied. It is anchored by Advance Auto Parts, Dollar General, DaVita Kidney Care and Legacy Ministries Worship Center.
Property records show developers built Town & Country in 1953 and later expanded it. Sifakis said it comprises about 182,000 square feet of space on almost 19 acres at 903 University Blvd.
Town & Country was built between 1953 and 1979, with McDonald’s added in 1984, property records show.
JWB Property does not include the separately owned McDonald’s and the service station at the front of the site along University Boulevard.
DLP Lending Fund LLC of Bethlehem, Pennsylvania, issued an almost $6.1 million mortgage to JWB to include financing for construction or rehabilitation of the property.
Sifakis is president and one of four owners of JWB Real Estate Capital, which he formed with Gregg Cohen, chief marketing officer, in 2006. CFO Adam Rigel and CEO Adam Eiseman also are owners.