John W. (Jay) Steele

"The client needs its lawyer to do more than just identify the problems; the client needs a lawyer that can identify workable solutions to the problems and get the deal closed!"

For nearly four decades, Jay has represented clients in all aspects of the acquisition, development, leasing, financing, operation and sale of real estate, most notably office, shopping center and retail oriented projects. His typical clients include developers, landlords, tenants, borrowers, investors, private equity funds, and lenders.

Jay has represented developer clients in connection with many large-scale projects, successfully negotiating and documenting transactions for them with national retailers, including Publix, Target, Kohl’s, CVS, 7-11, Walmart, Food Lion, WaWa, Sheetz, Planet Fitness, and Aldi, and with restaurant operators including Panera Bread, Arby’s, Ruby Tuesday, KFC, and Red Robin.

He has extensive experience with transactions involving triple net ground leases and grocery store anchored shopping centers, including negotiating leases, representing developers in sale of pad sites, shopping centers and ground leased properties, representing private investors and funds in the purchase of free standing triple net leased properties as well as other retail and shopping center properties . Jay has established a strong reputation working on many well‑known projects throughout the Mid-Atlantic, including the 2,500,000 square foot Central Park Shopping Center project in Fredericksburg, Virginia, Cosner’s Corner in Spotsylvania County, Virginia, Quantico Corporate Center in Stafford County, Virginia, Innsbrook Corporate Center in Henrico County, Virginia, and Winding Brook in Hanover County, Virginia.

Jay strives to bring to each transaction an understanding of the business of real estate on the local, regional, and national levels and a pragmatic approach to representing his clients in negotiations. Jay understands that there is a premium on getting the deal done and closed quickly without compromising the client’s interests. His approach involves not only identifying the issues and concerns for his clients but also partnering with them to develop and implement creative legal and business solutions that facilitate, rather than hinder, the goal of getting the deal closed.

Jay’s relevant experience includes:

• Drafting and negotiation of office, retail, warehouse and ground leases, including complex leases involving nationally known tenants.
• Structuring and negotiating real estate joint ventures and limited partnerships.
• Formation of limited liability companies, partnerships and corporations.
• Drafting and negotiating purchase and sale of real estate.
• Corporate asset acquisition and disposition.
• Structuring and negotiating comprehensive covenants, restrictions and easements for large scale residential, commercial and mixed use developments.
• Reviewing, drafting and negotiating leases and lease enforcement, including landlord/tenant matters.
• Shopping Center Declarations, OEA's and REA's, including cost sharing agreements among multiple owners.
• Loan workouts and restructuring.
• Construction loans and permanent financing.
• Conduit loans.
• Investment in tenant in common transactions.
• 1031 tax deferred exchanges.
• Foreclosures

Best Lawyers in America® for Real Estate, 2008-2009, 2012, 2014-2018, 2020-2024

Named to “Legal Elite” (Real Estate/Land Use), Virginia Business, 2004, 2008, 2016, 2017, 2020

Selected for inclusion as a “Super Lawyer,” Real Estate, Virginia Super Lawyers, Thomson Reuters, 2013

Martindale-Hubbell^® AV Preeminent^® is the highest peer rating standard. This is given to attorneys who are ranked at the highest level of professional excellence for their legal expertise, communication skills, and ethical standards by their peers.

Professional Affiliations

American Bar Association

Innovating Commerce Serving Communities (ICSC)

Richmond Bar Association

Virginia Bar Association, Member, Real Estate Law Committee

Business and Civic Organizations

Lead Virginia – 2015 Class

Rotary International – “Major Donor”

Rotary Club of Innsbrook

• Past President 2013–2014
• Director of Rotary Foundation Giving – 2016 to present
• Board Member – 2009 to present

Meals on Wheels, Volunteer

Neighbors Helping Neighbors

Bright Beginnings

Jay founded the firm’s Fredericksburg office in 1991 and has engineered its growth and development from the trunk of his car to its current office at 725 Jackson Street. When he’s not practicing law, or enjoying golf and skiing in Wintergreen, Jay works on fund raising and community service projects for the Rotary Foundation and his local Rotary Club in Innsbrook.