Investors Buy Two Fully Leased Shopping Centers in Greater Washington

Investors have snatched up two more shopping centers in the Greater Washington area. The properties traded for a little over $50 million.

Investors have snatched up two more shopping centers in the Greater Washington area. The properties traded for a little over $50 million.

In Gaithersburg, GC Gaithersburg LLC, an entity controlled by Ceruzzi Properties of Fairfield, Conn., sold the Goshen Crossing neighborhood shopping center for $19.5 million. The buyer, a private investor based out of New York, purchased the asset as part of a 1031 exchange.

Goshen Crossing is located at the intersection of Goshen Road and Rothbury Drive. It offers 78,456 square feet of space and was fully leased at the time of the sale, with Giant Food occupying the majority of the center through a long-term triple-net lease and the remaining space subleased to a mix of national and local tenants.

Meanwhile, in Tysons Corner, Finmarc Management Inc. and its partners sold the neighborhood retail center located at 8459 Leesburg Pike to Retail Properties of America Inc. for $31.1 million.

RPAI’s new retail center offers 40,000 square feet of space. Like Goshen Crossing, the Tysons Corner shopping center is fully leased. Its tenant roster includes Golfsmith USA, Chick-Fil-A, Chipotle Mexican Grill, Roti Restaurant and Hamilton Sofa & Leather Gallery.

Photo credit: CBRE