WASHINGTON, DC-Multi-Employer Property Trust has scooped up two grocery-anchored properties in the Washington, DC area for a total of $122.6 million. The properties are Woodland Park Crossing, a 137,028-square foot center in Herndon, VA and Penn Mar Shopping Center, a 387,028-square foot property in Forestville, MD.
“We view both of these purchases as core investments,” Bentall Kennedy SVP Marty Standiford tells GlobeSt.com. Bentall Kennedy advised the REIT on these transactions. “They are very much in line with our strategy for acquisitions for MEPT, particular for retail.”
Standiford explains that MEPT is focusing on grocery-anchored retail right now, particularly in urban locations that are under-retailed--a category that includes the Washington, DC area. “MEPT is arguably underweighted in terms of its retail nationally, and in particular on the East Coast,” he adds. “So we are focusing on helping them get more exposure in this area.” Other such acquisitions are likely in this and other Mid-Atlantic markets, he says.
Woodland Park Crossing, a four-year-old complex, is 97.5% leased to a mix of national and regional tenants. It is expected to benefit when Metrorail's planned Herndon-Monroe Station extension opens in 2016. JBG Rosenfeld Retail has been awarded property management and leasing at Woodland Park Crossing.
Penn Mar Shopping Center, 95% leased to a mix of discount and convenience retailers, is anchored by Shoppers Food & Pharmacy. MEPT has retained Rosenthal Properties for leasing and property management.
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