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Real Estate Journal — Shopping Centers — December 27 - January 16, 2020 — 5A
www.marej.com
M id A tlantic
Centreville Crossing, a 171,631 s/f, grocery-anchored shopping center Willard Retail, Declaration Partners & Frankel Properties purchases Centreville, VA SC C
ENTREVILLE, VA — A partnership between Bethesda, MD-based Willard Retail , New York- based Declaration Partners and Baltimore-based Frankel Properties has acquired Old Centreville Crossing, a 171,631 s/f, grocery-anchored shopping center in Centreville, seven miles west of Fairfax, VA. The partnership purchased the property for $55.4 million from JBG Smith , a REIT based in Chevy Chase, MD. The partnership plans to complete minor renovations to the center. Old Centreville Crossing is located at 13810- 13860 Braddock Rd. and situ- ated on 16 acres along U.S. Route 29. Spa World and Korean-American supermar- ket chain H-Mart anchor the asset. MANASSAS, VA — KLNB , a mid-Atlantic multi-ser- vice commercial real estate firm, announced the sale of 8300-8370 Centreville Rd., a 135,674 s/f grocery-anchored retail center inManassas. The property sold for $21 million, or $154.78 psf, and closed in October. Andy Stape, Vito Lupo , and Stephen Porter of KLNB’s Retail Investment Sales Group represented the seller and procured the pur- chaser for this transaction. “The sale of Maplewood Center demonstrates the continued demand for well- located, grocery-anchored re- tail centers,” said Lupo. “It’s also indicative of a growing trend within the investment community, both private and institutional, of view- ing international grocers as a highly desired asset type, especially in the Mid-Atlantic region.” Anchored by Megamart Supermarket, a growing in- ternational supermarket in the Mid-Atlantic, Maplewood Center was 98% occupied at the time of sale. Other notable tenants include Dol-
Old Centreville Crossing
Stape, Lupo, and Porter KLNB broker $21 Million sale of 8300-8370 Centreville Road in Manassas, Virginia
8300-8370 Centreville Road
lar General, McDonald’s, Popeye’s and Pizza Hut. The purchaser acquired the asset as part of a 1031 exchange and was attracted to the
center due to the strong gro- cer sales, seasoned tenant history, dense population, and excellent visibility along the bustling Centreville Rd.
Corridor with over 50,000 vehicles per day. As the dominant shopping center southbound on Cent- reville Rd., the property has a
tenant base that is well suited to the local demographics, with 94,703 people and an average household income of $100,936 within 3 miles.
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