Comstock Holding Companies, Inc. announced that it will take over day‑to‑day management of Dulles Town Center, a 1.4‑million‑square‑foot regional shopping mall in Dulles, Virginia. The transition will begin on May 1 2026, with Comstock responsible for property management, leasing, tenant relations, on‑site operations, and marketing oversight.
Dulles Town Center, the largest fully enclosed regional mall in Loudoun County, was acquired by Virginia Investment Properties, LLC, led by CEO Srinivas Chavali, in December 2023 for $46 million. The mall has undergone a transformation after the closures of anchor tenants such as Sears and Lord & Taylor, and has added entertainment and experiential tenants—including Bowling & Billiards, SkyZone, Cloudbound, Virginia Sports Academy, DTC Expo Center, Bourbon Blvd Steakhouse, and American Ninja & Parkour—to attract a high‑income consumer base in one of the nation’s wealthiest counties.
Comstock’s business model is built on an asset‑light, debt‑free, fee‑based platform that focuses on managing properties rather than owning them. In fiscal 2025, the company reported revenue of $62.9 million, up 23 percent, and net income of $17.1 million, up 17 percent, underscoring the strength of its management‑contract strategy and its ability to generate recurring fee income from high‑quality assets.
The move into retail mall management expands Comstock’s portfolio beyond its core transit‑oriented developments in the Washington, D.C. metro area. By adding a large‑scale retail asset, the company diversifies its revenue base, leverages its expertise in mixed‑use placemaking, and strengthens its competitive position against larger, leveraged peers in the regional real‑estate services market.
"With 200+ years of combined regional mall leasing and operating experience, the Comstock team will deliver the same disciplined, hands‑on management approach that we utilize on all our managed assets," said Chris Facas, a senior executive at Comstock. "The addition of regional mall leasing and management services to our growing list of service offerings strengthens Comstock's vertically integrated owner‑operator platform by creating new opportunities to further diversify our fee‑based revenue sources. Our team's unparalleled placemaking resume and proven ability to successfully navigate complex mixed‑use and retail environments will provide exceptional experiences for consumers while enhancing results for all stakeholders," added Tim Steffan, Chief Operating Officer. Srinivas Chavali, CEO of Virginia Investment Properties, noted, "As an established two‑level, super‑regional mall with a strong mix of retail and entertainment tenants, Dulles Town Center plays an important role in serving the surrounding community. Recent additions like Bowling & Billiards, SkyZone, Cloudbound, Virginia Sports Academy, DTC Expo Center, Bourbon Blvd Steakhouse, and American Ninja & Parkour continue to enhance its role as a dynamic regional destination."
The acquisition positions Comstock to capitalize on the growing demand for experiential retail and entertainment in affluent suburban markets. By managing Dulles Town Center, the company can apply its proven operational efficiencies and tenant‑mix optimization to a high‑traffic asset, potentially generating significant fee‑based revenue and setting the stage for future management contracts in similar markets. This development signals Comstock’s continued commitment to expanding its fee‑based portfolio while maintaining a low‑leverage, asset‑light structure that supports long‑term value creation.
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