WASHINGTON, DC-Katz Properties continues to acquire assets in the Washington, DC area after making its first in Virginia earlier this year. In two separate transactions, it has snagged the Festival Shopping Center in Manassas, VA for $15.7 million and the East River Park Shopping Center here for $33.6 million.

The 150,000-square-foot East River Park, located at the intersection of Minnesota Ave and Benning Rd., is 97% occupied and anchored by a 40,000-square-foot Safeway supermarket. Other tenants on the eight-acre site include CVS and Citibank. The 117,000-square-foot Festival Shopping Center is 100% occupied and anchored by a 50,000-foot Global Food supermarket. It is situated on 13.5 acres on Sudley Road at the intersection with Portsmouth Road. Other tenants include Potbelly Sandwich Shop and Jo-Ann Fabric & Craft Store.

In April, Katz acquired a nearby property called Westgate Shopping Center for $33.8 million. It traded at a cap rate just at 8%, principal Daniel Katz told GlobeSt.com in an earlier interview. Katz Properties, which has had only a minimal presence in the greater DC area, is gearing up for an investment spree of $150 million to $200 million over the next three years, he also said.

Regarding these latest acquisitions, Katz notes that the company is moving quickly to fulfill the commitment it made to the region earlier this year. “We're thrilled to expand our Metro DC portfolio to include these two stable assets,” he said in a prepared statement.

The East River Park asset also fulfills another commitment the firm has made--to expand its presence in the Northeast’s urban cores. “The redevelopment happening on this side of the Anacostia River is revitalizing the neighborhood, and we are confident that our shopping center will continue to provide quality retail services for the existing and growing community,” says Daniel Kaufthal, a principal of Katz Properties.