WOODBRIDGE, VA-The Rappaport Cos. acquired Potomac Festival II from an affiliate of Marietta, GA-based Bronze Holdings. Rappaport Cos.' plans a $1 million capital improvement campaign at the 16-year-old shopping center.
A $10.6 million acquisition financing package for the 86,800-sf retail property was orchestrated by LJ Melody & Co., CB Richard Ellis's real estate investment banking arm, through CDC-IXIS Real Estate Capital Inc.
Potomac Festival II sits off I-95 at the intersection of Potomac Mills Rd. and Opitz Blvd. in Prince William County. The shopping center, which is anchored by Circuit City and Outback Steakhouse, and is across from the 1.6 million-sf Potomac Mills regional mall, as well as the 252,000-sf Potomac Festival I. "Gary Rappaport owns Potomac Festival I so this was a great opportunity for him to purchase the sister property, and he got it at an attractive price," LJ Melody's Joe Donato tells GlobeSt.com.
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