DC-Area Retail Center Trades for Record Price
- Mar 19, 2018
J Donegan Co. has disposed of a three-tenant shopping center in a record net lease sale in Loudoun County. The recently completed asset traded for $4.8 million, attaining $925 per square foot and a cap rate of 5.5 percent, in a transaction facilitated by Calkain Cos.
The pad site is located at 1008 Edwards Ferry Road N.E. in Leesburg, Va. on the northwestern outskirts of Washington, D.C., fully leased to Potbelly Sandwich Shop, Great Clips and Panda Express. Situated next to Chick-fil-A, the property sits adjacent to a Target-anchored shopping center on a high-visibility site at the intersection of roads 773 and 15. The surrounding retail-focused area includes tenants like The Home Depot, Costco and Walmart.
Calkain’s Jonathan Hipp and Natalia Nunno represented the seller. “The strong location and new construction coupled with long-term leases with investment grade tenants, enabled us to market this NNN asset as a unique opportunity to invest in one of the most affluent areas of the country,” said Hipp, in a prepared statement.
Image courtesy of Calkain Cos.