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Date published: 11/20/2012

By Bill Freehling

Mattress site to close, restaurant to open

Mattress Discounters will close its store in Spotsylvania County's Southpoint II shopping center, and a local seafood restaurant will occupy part of the space.

Mattress Discounters will vacate the 5,400-square-foot space at 9913 Southpoint Parkway at the end of November, said Bill Vakos III, president of W.J. Vakos & Co., an entity of which owns the Southpoint building.

The Mattress Discounters stores in Central Park in Fredericksburg and along State Route 3 in Spotsylvania County will remain open. The Sleepy's mattress chain recently purchased Mattress Discounters.

Employees at the two area Mattress Discounters stores said they will continue operating under the Mattress Discounters name.

The Mad Crab restaurant will move into part of the Southpoint space, Vakos said. The restaurant will relocate in late February from its current site across U.S. 1 at 5442 Southpoint Plaza Way. The Mad Crab also has a restaurant along U.S. 17 in Stafford County.

The Mad Crab will occupy a rear portion of the Mattress Discounters store as well as the former CitiFinancial space for a total of about 3,500 square feet.

The new location is about 500-square-feet bigger than The Mad Crab's current space, offers a better kitchen and outdoor seating, and is more visible. Vakos Real Estate brokered the deal.

The remaining Mattress Discounters space will be subdivided into two end-cap units of about 1,300 and 2,700 square feet, Vakos said.

The current Mad Crab space will also be re-leased.

Spotsylvania center sold for $16.3 million

A real estate investment trust that owns senior-living and healthcare-related properties all over the U.S. last month purchased the real estate at a Spotsylvania County retirement community.

Health Care REIT Inc. bought the real estate at Chancellor's Village for $16.3 million, according to Spotsylvania property records. Chancellor's Village offers assisted and independent living to senior citizens.

The trust purchased the facility from an entity of Chicago-based private equity investment firm Walton Street Capital, which paid $16.68 million for it in 2005 according to Spotsylvania property records.

Senior Lifestyle Corp. will continue to operate the facility, and the sale isn't expected to affect Chancellor residents. Senior Lifestyle will now lease the facility from a different landlord.

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