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CALIFORNIA, MD-Dutch real estate fund DIM Vastgoed NV has acquired ownership of the new retail property known as South Plaza for approximately $23 million. The 92,300-sf power center was sold by its developer Faison-South Plaza LLC, which completed development of the property just last month.

South Plaza sits on an 11-acre parcel of land off Route 235 near the Patuxent Naval Air Test Center in St. Mary's County, and bordering the City of Lexington Park. The fully leased shopping center has four anchors, the largest of which is the 29,000-sf Ross Dress for Less. The other anchors include a 20,000-sf Best Buy, a 14,800-sf Old Navy clothing store and Petco, which occupies a 13,800-sf space. The remaining 7,500 sf of leasable space is occupied by specialty shops.

DIM relied on the representation of Fort Lauderdale, FL-based commercial real estate firm DBR Asset Management. Seller Faison-South was represented by Faison & Associates LLC.

The purchase of South Plaza marked the buyer's entrance into the Maryland market. "This acquisition is the next logical step in DIM Vastoged's continued US expansion," DBR Asset COO AJ Belt says. "South Plaza fits our parameters of a high demand regional shopping center with a nationally recognized, dynamic tenant mix strategically located in a mature, yet high growth residential and business community." According to Faison, the property is located in a captive trade area of about 125,000 sf and sits in a market marked by 20,000 high-tech jobs.

Instant Insights /

92,300-SF Shopping Center Sells for $23M

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