LORTON, VA-Madison Marquette has acquired Gunston Plaza, a 204,000-square-foot neighborhood center here for $28 million. The property’s 184,000 square feet of retail is close to full occupancy and anchored by Bloom, Gold’s Gym and Dollar Tree. The site also includes a 20,000-square-foot free-standing office, which is 70% leased.
Located along Route 1, the area expects to benefit from the Base Realignment and Closure Act which is transferring tens of thousands of personnel to nearby Fort Belvoir by the end of this year.
Gunston Plaza is one of several recent acquisitions by Madison Marquette in the Washington, DC region. Last year, it acquired Columbia Crossing in Columbia, MD. It also recently joined the partnership redeveloping the Southwest Waterfront in the District.These transactions are taking place out of the company’s now-closed Retail Enhancement Fund. Going forward, Madison Marquette broker Jonathan Shartar tells me, the company will be making investments through joint venture partnerships. He points to a deal announced this week in which Madison Marquette is partnering with LaSalle Investment Management to recapitalize Broadway Market, a 140,000-square-foot mixed-use urban center in the Capitol Hill neighborhood of Seattle. “You will see more of those type transactions from us,” he says.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
