A national real estate firm based in Seattle, Washington, is the new owner of 5th Street Station, a commercial development that turns ten this year.
Bridge33 Capital paid $117,124,900 to 5th Street Station Ventures LLC for the 451,822 square feet shopping center. The seller is a company tied to S.J. Collins, a Georgia-based developer behind the creation of the site.
According to an information release, this is Bridge33 Capital’s first purchase in Virginia.
“We are excited to enter Virginia with this dominant property in the growing market of Charlottesville,” said Peter Trahanas, Director of Investments at Bridge33 Capital. “We look forward to creating lasting value at the center and being a part of the Charlottesville community.”
Trahanas said the purchase will add the first Dick’s House of Sport to their portfolio as well as the second Wegmans.
Other tenants include Marshalls, PetSmart, Planet Fitness, Havertys, Alamo Drafthouse Cinema, and Dollar Tree. According to the Bridge33 Capital website, there are four spots left.
5th Street Station opened for business in 2016 about eight and a half years after the Albemarle County Board of Supervisors rezoned the property in March 2008.
The July 17 transaction is 7.41 percent above the 2026 assessment of $109,047,000. According to Albemarle GIS, the assessment in 2020 was $130,900,600 but dropped to $88,550,200 in 2021 due to the pandemic.
The shopping center’s Facebook page has not been updated since June 24, 2022 and the website appears to be down.
Riverbend Development led the property through the rezoning process which included construction of a roadway to connect 5th Street and Avon Street. The project’s original name was the Fifth and Avon Center. Learn more on cvillepedia.
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