LEESBURG, VA–Rappaport has acquired the Village at Leesburg, financing the acquisition with a $131.25 million CMBS. CBRE'S Mid-Atlantic Debt and Structured Finance Group arranged the loan, which was provided by Wells Fargo. David Webb led the CBRE team, which included Maxi Leachman, Will Wilkins, Curtiss Telfer, Bill Kent and Ryan Sciullo.
Webb said there was strong demand from lenders for the deal. “Despite persistent challenges to brick and mortar retail from online merchants, there are still attractive and sustainable retail environments that remain a magnet to shoppers,” he said in a prepared statement.
“The strong reaction from lenders demonstrates that the market is still hungry for great retail deals and that aggressive CMBS debt terms are still available if the sponsor and tenancies are strong,” he said.
Village at Leesburg is a 551,000-square foot retail center anchored by Wegmans and located at 1602 Village Market Blvd., in Leesburg, VA. In addition to Wegmans, the Village at Leesburg houses more than 75 retailers including Cobb Theatres, LA Fitness, Bowlero and Ulta. The retail offerings are next to 335 residential units and 120,000 square feet of office space, which were not included in the collateral for this loan.
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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.
