6C — August 26 - September 15, 2016 — ICSC PA/NJ/DE Conference & Deal Making — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters Woodbridge Square shopping center is 100% occupied with 17 tenants Marcus & Millichap closes 42,881 s/f Woodbridge shopping center for $8.85M W OODBRIDGE, VA — Marcus &Milli- chap , a commercial
real estate investment services firm with offices throughout the United States and C a n a d a , announced the sale of Woodbridge
Square, a 42,881 s/f neigh- borhood convenience center located in Woodbridge, ac- cording to Bryn Merrey , district manager of the firm’s Dean Zang
Woodbridge Square
Mid-Atlantic offices. The asset sold for $8.85 million, approximately $206 psf. Dean Zang , senior vice president investments of Mar- cus & Millichap’s Washing- ton, DC office had the listing to market the property on behalf of the seller, a private investor out of Washington State. The buyer, a private limited liability company completing a 1031-exchange, was co-brokered with Infinity Realty and secured by Zang and the TZD Retail team of Marcus &Millichap. The TZD Retail team specializes in the acquisition and disposition of retail shopping centers in the Mid-Atlantic region and net-leased investments throughout the country. Mer- rey served as the broker of record for this transaction. “While the shopping center did have certain complexi- ties of sale, the strong loca- tion in an outer ring suburb produced a healthy strong cap rate of 7.59 percent,” Zang said of the closing. “We received numerous offers for the asset, and were pleased to complete this sale with the assistance of Infinity Realty.” Woodbridge Square is lo- cated on 5.14 acres at 13179- 13291 Occoquan Rd., approxi- mately 20 miles outside of Washington DC. Constructed in 1990, the property is 100% occupied with 17 tenants, 13 of whom have been in this location for over a decade. Anchored by a Dollar Gen- eral, the property includes many local businesses like La Despensa, a Spanish-oriented grocery store, Top Nails, and Teresa Jewelry. The property was previously purchased by the ownership more than twenty years ago for approxi- mately $2.5 Million dollars. n
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