New Investor Buys “Old” Shopping Center
- Jul 13, 2015
The strong Greater Washington retail market has registered another important sale. This month, Northern Virginia’s Old Centerville Crossing shopping center changed hands for $55.5 million.
According to PropertyShark, the seller was identified as Grand Centerville LLC. The company is located at 7910 Woodmont Ave. in Bethesda, which is home to Deoudes-Magafan Realty Inc., a company which specializes in property management, commercial sales, leasing and development in the Maryland, Virginia and Washington, D.C. areas. PropertyShark data also revealed that the shopping center’s current market value is $41.9 million.
KLNB’s Retail Investment Sales Group brokered the sale of Old Centerville Crossing. Andy Stape, Mat Adler and Vito Lupo of the KLNB team represented the seller in the transaction. JBG/Old Centreville, LLC, a Virginia foreign limited-liability company filed on May 20 of this year, was the buyer.
Old Centreville Crossing is a 170,000-square-foot shopping center, located at 13810-13860 Braddock Road, in the Centreville section of Northern Virginia. The property is anchored by H-Mart and Spa World. Its tenant roster also includes of the International House of Pancakes, Glory Days Bar & Grill, and Woori American Bank. At the time of the sale, Old Cetreville Crossing was 98 percent occupied.