Reston’s Tall Oaks Village Center has a new owner.
The 64,000-square-foot shopping center near Lake Anne was sold by Boston-based CRP-2 Holdings Tall Oaks LLC to Tall Oaks Development Company on Dec. 17, Fairfax County records show.
The sales price was $14.3 million. The shopping center last sold for $10.8 in 2006. The prior sale was for $8.4 million in 2002, tax records show.
Tall Oaks Development Company is based in McLean, and records show it shares an address with the Jefferson Apartment Group, a local company that has developed more than 18,000 rental units with a value of more than $3 billion in 10 east coast states, including Virginia.
Locally, the Jefferson Apartment Group has developed, among others, the Residences at the Fairfax County Government Center, Tellus in Arlington, The Asher in Alexandria and the Jefferson at 14W, a seven-story, mixed-use luxury development in Northwest DC.
Jefferson representatives did not immediately return phone calls.
Tall Oaks is zoned industrial/commercial, so turning the 7.6-acre parcel into residential would involve rezoning.
However, flagging businesses at Tall Oaks over the last decade has made its future as a retail destination in doubt.
The anchor space, which housed a Giant Foods and later two international grocery stores, has been empty for four years. The stand-alone former Burger King space has been vacant for nearly a decade. Other recent departures include El Manantial restaurant, Curves, 7-Eleven and Total Rehab Chiropractic.
At recent meetings on Phase 2 of Reston’s Master Plan, which will plan for the future of Reston’s village centers and neighborhoods, many citizens and local leaders suggested that it may be time to repurpose the Tall Oaks space as something other than a major retail center.
It was suggested by many, including Reston Association, that Tall Oaks could survive as a convenience center with limited retail and the remaining space could be used for a variety of other purposes.
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