12C — August 28 - September 10, 2015 — ICSC PA/NJ/DE Conference & Deal Making — Shopping Centers — M id A tlantic
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ANASSAS, VA — Holliday Fenoglio Fowler, LP (HFF) 152,391 s/f Davis Ford Crossing in Manassas, Virginia HFF secures $33.75 million refinancing for suburban Washington, DC shopping center M
Rappaport completed almost $2 million in renovations and enhancements to Davis Ford Crossing, securing LA Fitness as a new anchor tenant in the process. The 97.5-pecent- leased shopping center is home to three other anchors, Sta- ples, Petco and CVS, and in- line tenants including Sleepy’s and GNC. McDonald’s, United Bank, Arby’s and Exxon oc- cupy outparcel pads, and an additional 2,670 s/f pad site is available for future develop- ment. The center is situated on 20.7 acres at 9890 Liberia Ave. in Manassas, a suburb
33 miles west of Washington, DC. Located at the intersec- tion of Liberia Ave. and Prince William Pkwy., the center is in the heart of the southern Manassas retail corridor and near multiple grocers and resi- dential neighborhoods. The HFF debt placement team representing the bor- rower was led by managing director Mark Remington and senior real estate analyst Robert Carey . “Congratulations to Rap- paport and Principal,” Rem- ington said. “This transaction created a win for both parties,
announced that it has secured $33.75 million in refinanc- ing for Davis Ford Crossing, a 152,391 s/f neighborhood shopping center with multiple national anchors in Manas- sas, VA. HFF worked on behalf of the borrower, Rappaport, to secure the 10-year, 4.34-per- cent, fixed-rate loan with Principal Real Estate In- vestors . HFF will service the securitized loan. Between 2013 and 2014,
Davis Ford Crossing
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Central New Jersey shopping center mentioned earlier, this might mean bringing an asset to full occupancy to maximize value, or implementing needed repairs or cosmetic upgrades to enhance curb appeal. Estab- lished third-party real estate service providers also will have good relationships with the brokerage community, should a seller wish to go to market, and will know of po- tential buyers if an off-market disposition is preferred. On the buyer’s side, good advisors know their markets on a granular level. Their role may include helping investors better understand market specific retail fundamentals, providing market lease rates and other terms. They can also provide demographic profiles for tenants, iden- tify specific shopping center nuances, such as potential at-risk tenants and property deficiencies, and gauge the center’s position in relation to competing and proposed shopping centers. Finally, they can be valuable partners in the underwriting process, assembling capital and ex- pense budgeting information, and other assumptions. And because regional companies like Levin are in the market working with owners, brokers and investors every day, they are frequently the first to hear that an owner is ready to sell and can proactively work to source off-market acquisition opportunities. n continued from page 9C LevinManagement: The market for smaller retail. . . allowing Rappaport to buy out its capital partner while creat- ing a valuable loan asset for Principal.” n
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