The property, called Arlington Ridge Shopping Center, is leasedat below market rents, with the tenants having signed on years ago,explains Paul Collins, a broker with Cassidy & PinkardColliers. "Turnover should happen very quickly," he tellsGlobeSt.com. Collins and Jud Ryan represented the seller.
In addition to the leasing upside, Collins says Edens &Avant will also try to leverage its new acquisition byinvestigating different redevelopment possibilities.
Built between 1958 and 1961, according to Cassidy & PinkardColliers' website, Arlington Ridge is anchored by Giant Food. Othertenants include Gold's Gym, Domino's Pizza, BB&T andBlockbuster Video. The center was renovated in 2003, and theBlockbuster addition was constructed in 2004, according to thewebsite.
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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.
