New ECHO Location Intensifies Firm’s Retail Holdings
- Jun 08, 2015
ECHO Realty expanded its retail holdings in the Washington, D.C., metro area with the acquisition of a grocery-anchored retail center in Loudoun County, Virginia, for an undisclosed price.
The Pittsburgh-based company entered the state with Purcellville Gateway, which spans 16 acres at the intersection of Berlin Turnpike and Main Street in Purcellville. Developed by a partnership between Roadside Development and Harris Teeter, it opened in 2012, with a second phase opening this year. Constructed on what was once Cole Farm, it includes such original features as the farmhouse, barn and silo, which give it an interesting look.
HFF represented the seller, the joint venture between Roadside and Harris Teeter, in the transaction. According to HFF, the shopping center was fully leased at the time of the sale. In addition to its Harris Teeter anchor, Purcellville Gateway is home to Starbucks, PetValu, Coach’s Corner Grill and Jersey Mike’s Subs. Roadside Realty will continue to manage the asset.
The Purcellville Gateway acquisition is not the only D.C.-area deal ECHO Realty has completed recently. Together with the Bernstein Cos., it also announced the signing of two new tenants at the Gateway at UTC, a Safeway-anchored, two-story retail development currently under construction at University Town Center in Hyattsville.
MedStar is one of the new tenants. It will occupy 10,000 square feet of space on the second level of the commercial development. The second tenant, Town Center Wine & Spirits, will occupy 3,600 square feet of space on the street level.
According to ECHO Realty, Gateway at UTC is currently 95 percent leased. Its tenant roster also includes Safeway, Unleashed by Petco, Le’s Nails and Phenix Salon Suites. Safeway is scheduled to open this fall, with the other retailers following shortly thereafter.
Photo credit: ECHO Realty