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.

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In addition to the leasing upside, Collins says Edens &Avant will also try to leverage its new acquisition byinvestigating different redevelopment possibilities.

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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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The asset is located on South Glebe Road, between I-395 andJefferson Davis Highway, straddling two heavy traffic conduits.Even without this ideal location, such close-in properties are inhigh demand by institutional investors, according to Collins,especially grocery-anchored centers. "Centers like these areinvestors' bread and butter."

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Furthermore, in Arlington, there are high barriers to entry foradditional development. "It is not easy finding similar investmentproperties," Collins says. The buyers paid cash, according to him.The property was on the market for 60 days.

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According to its website, Edens & Avant has some 22properties in the greater Washington area including Van Dorn Plazain Alexandria, VA; the Shoppes at Ryan Park in Ashburn, VA;Burtonsville Crossing in Burtonsville, MD; Montgomery VillageCrossing in Gaithersburg, MD; and Cascades Marketplace in Sterling,VA.

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