GAITHERSBURG, MD—A 78,456-square foot Giant-anchored neighborhood shopping center has traded in a 1031 Exchange for $19.5 million. The buyer of Goshen Crossing is a private investor based out of New York and the seller is an entity controlled by the Fairfield, CT-based Ceruzzi Properties. Jeffrey Dunne, David Gavin, Bill Kent and Ryan Sciullo of CBRE's National Retail Investment Group represented the seller and procured the buyer as well.
Goshen Crossing is fully leased and located at the intersection of Goshen Rd. and Rothbury Dr. Giant Food anchors the center and master ground leases the entire property on a long-term NNN basis. It occupies most of the center, in fact, and subleases the remaining portion to national and local tenants.
The center's long-term lease with Giant will provide the buyer with stable cash flow, Dunne says in a prepared statement. "Combined with the center's position in an affluent, densely populated trade area and no landlord maintenance responsibilities, Goshen Crossing was an ideal property to satisfy the buyer's 1031 exchange."
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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.
