20C — August 30 - September 12, 2013 — Shopping Centers — Mid Atlantic Real Estate Journal
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S hoPPing C enterS
Constructing Some of Central PA’s Most Recognizable Buildings
ASHINGTON, DC — McShea &Com- pany ’ s investment Douglas Development acquires 6000 s/f property McShea & Co. announces $5.1m sale of DC retail condo W
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sales division announced the sale of the retail condominium ofAdams Court inWashington, D.C. on behalf of the seller, Dale Commercial, LLC to Douglas Development Cor- poration for $5.1 million The sales team, which rep- resented the seller in the mar- keting of the asset, was led by Joe Friedman and Julian Etches . The asset is a 6,000 s/f urban retail condominium located just one block south of the Columbia Heights Metro Station with exceptional St.
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Adams Court in Washington, D.C.
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frontage at the prominent intersection of 14th St. and
Columbia Rd.. The retail condominium is 100% leased to 7-Eleven, Sprint, and Nationwide In- surance. This purchase by Douglas Development adds to their holding along the 14th St. corridor and is their third 14th St. acquisition over the last 12 months. Norman Jemal said, “We are very bullish on retail along the 14th St. corridor and are pleased to add such a high quality, well located asset to our portfolio.” This is the third closing for McShea & Company’s invest- ment sales division in 2013. n MCLEAN, VA — Spence Hill Associates announced to- day that it has arranged $3.75 million of permanent financing for McLean Village, a 9,538 s/f shopping center located at 8104 Old Dominion Drive, McLean. Michael Trauberman , managing director of Spence Hill Associates, arranged and negotiated the financing on be- half of McLean Village, LLC of Vienna. The 10-year loan was placed with a Virginia-based bank, and features an initial seven-year fixed interest rate of 3.55%. McLean Village is a neighbor- hood retail center situated on the north side of Old Dominion Drive, just east of Spring Hill Road. The fully-leased center has outstanding demographics, and is well-positioned to serve the nearby affluent neighbor- hoods of McLean and Great Falls. Tenants include Nour- ish Market, Gathered Stems, Modern History Collection, Dominion Village Cleaners, Pro Taekwondo Martial Arts Center, and McLean Nails & Spa. n Spence Hill Assoc. arranges $3.75m retail financing
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