Chancellor Center

Fredericksburg, Virginia
218,209 square feet

Before
Chancellor Center, a community shopping center, is located just 1 1/2 miles west of I-95 in the busy Route 3-West corridor. The Center was constructed in several phases from late 1986 through 1988. In April 1996, Lowe's, the center's anchor tenant, consolidated its Fredericksburg locations and relocated to a larger, freestanding store. This closure resulted in an occupancy rate of less than 50%. Furthermore, of those tenants in place, nearly 60% of their leases were scheduled to expire within 3 years. A new owner purchased the center in October 1997 and selected The Covington Company to fulfill its leasing and management needs.

After
The Covington Company successfully repositioned the shopping center by subleasing the former Lowe's space and negotiating an expansion and lease extension with Food Lion, one of the Center's anchor tenants. The redevelopment plan included:

Expansion of Food Lion from 33,800 to 50,268 square feet
Façade renovation
New landscaping
New signage

Today the center is 100% occupied and tenant sales have steadily increased.