"We were within 5% of the asking price," says Theron Bryant with SCM Real Estate Services in Arlington, which will continue to lease and manage the 2101-05 W. Pioneer Parkway asset. He tells GlobeSt.com that the seller guaranteed two tenants' leases for 24 months to finalize the deal.
The nine-year owners put the 18-year-old center on the market as soon as occupancy hit 100%, according to Bryant. Historically, the National Autocare Malls Inc. site is 80% to 85% filled. He says the new owner not only has 11 tenants filling the space, but has leases in place without any expirations coming due for at least two years.
Bryant says the three-acre property was under contract one other time, but the deal fell out. The new owner was one of several offers in the back-up stack. Brian Mason with Meacham Oppenheimer in Saratoga represented the buyer.
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