The buyer was a joint venture between Bethesda-based Global Retail Investors, an institutional investor, and CalPERS and First Washington Realty, a retail pension fund advisor and investor, Yavinsky tells GlobeSt.com.
The center is anchored by a CVS pharmacy and includes a McDonalds and BB&T branch, he says. It also has a second story office component and storage use as well. "The property has a lot of upside potential if only because there are not too many retail sites left in Vienna," he says.
Yavinsky negotiated an $8,125,000 acquisition loan, which was structured as a ten-year interest only loan.
"It was a good loan for the property," Yavinsky says. "It was underwritten on ten year IO basis but because cap rates in this market are so low debt coverage ratios are tight even on IO constants. This might look like a low-leverage deal but because of the upside and cap rates it was fairly tightly underwritten."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
