PURCELLVILLE, VA—Purcellville Gateway, an 88,687-square foot Harris Teeter-anchored retail center has traded here, after being placed on the market last year. HFF, which marketed the property on behalf of the seller, announced the sale. It did not provide pricing information but a source tells GlobeSt.com that the property traded for $145 per square foot, or $16 million.**
ECHO Realty is the buyer. The seller is a joint venture between Roadside Development and Harris Teeter. Roadside Realty will continue to manage the asset.
The HFF investment sales team was led by John Owendoff and Jordan Lex.
Roadside Development built the property and delivered it in 2012. It is situated on 16 acres of what was once Cole Farm. The shopping center it built integrated many of the farm's original structures, such as the farmhouse, barn and silo, and distinctive architecture into the center. Purcellville Gateway is fully leased. Besides Harris Teeter, tenants include Starbucks, PetValu, Coach's Corner Grill and Jersey Mike's Subs.
UPDATE: Another source has told us we are off on the price and that the property, in fact, traded for $38.6 million. We adjusted the title since publication to reflect the uncertainty. We will further update the story when the property price has been recorded.
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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.
