RESTON, VA-A retail center here has traded for what is rumoredto be $50 million. A joint venture between New York-based Angelo,Gordon & Co. and Atlantic Realty Cos. has acquired theproperty, Plaza America Shopping Center. Collins C. Ege of JonesLang LaSalle brought Atlantic Realty and Angelo, Gordon & Co.together for the transaction. Atlantic Realty did not return callsfrom GlobeSt.com about the transaction.
Plaza America, a 164,000-square-foot center located on SunsetHills Rd., opened in 1995. It was owned by Tamares Holdings, whichhad been quietly entertaining selected bid for the property. Theretail center had reportedly been on the market a few years ago,but a sale was never closed. Atlantic Realty, which was managingthe property, stepped forward to buy it this time around afterpartnering with Angelo, Gordon.
This is one of a handful of recent retail trades in the DCarea. Willco Cos. of Potomac, MD recentlyacquired 12401 Twinbrook Pkwy., a 50,000-square-footretail property located in the Twinbrook neighborhood of Rockville,MD for $5.25 million.
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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.
