The buying team consists of JBGR; Chevy Chase, MD-based JBG's Funds VI and VII; and Buvermo Investments of Bethesda. The property was originally developed by Owing Mills-based Greenberg Gibbons. The sellers, institutional clients advised by Prudential Real Estate Investors, were represented by Bill Kent and Gary Lawrence of CB Richard Ellis.
Financing was provided by Northwestern Mutual Life Insurance Co. A year ago, it would have been impossible to obtain such financing for a retail asset from a conservative firm, says JBGR Principal Grant Ehat in a prepared statement. "This clearly signals a thaw in the capital markets and an upswing in the beleaguered retail sector."JBGR did not return a call to GlobeSt.com in time for publication.
Called the Village at Waugh Chapel, the property is a hybrid of a grocery-anchored retail center and a regional big-box center. JBGR will manage the center, which is 96% leased to more than 60 tenants including Safeway, Marshalls, L.A. Fitness, Home Goods, Rite Aid, and Robert Andrew Day Spa. The center's 15 restaurants at the center include Applebee's, Chipotle Mexican Grill, Atlanta Bread, Cold Stone Creamery, Caribou Coffee, Bob Evans and Chick-fil-A.
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