STERLING, VA—Regal Center, a 52,500-square foot shopping center located next to Regal Cinemas on Route 7, has traded for $18.2 million, or $347 per square foot. Rock Creek Property Group was the seller, having owned it for nine years.
"This asset has really stood the test of time,” says Gary Schlager, a partner with the company, in a prepared statement. "The tenant mix we assembled over the years is very complementary, and the leases were well-stabilized when we decided to sell the property."
The center counts Domino's, 7-Eleven, Firehouse Subs, BB&T and UFC Gym among its occupants. Other tenants include sweetFrog Yogurt, O'Faolains Irish Pub, Cheng's Oriental Restaurant, Old Virginia Tobacco Co. and The Good Shepherd Alliance.
"It's unusual to find such a strong mix of national credit tenants and local/regional operators in an un-anchored center," Schlager adds. "Regal Cinemas shares the same curb cut, as do other nationals, and this has really added to the draw of Regal Center over the past decade."
Rock Creek has closed on a handful of acquisitions and dispositions in recent weeks: it just sold 5185 MacArthur Blvd, NW for $14.9 million. It also recently acquired a development site at 7th and H streets, NE. Rock Creek and its joint venture partner, Cornerstone Development Group, plan to build residential condominiums with ground-floor retail space.
All told Rock Creek has more than $100 million of ongoing projects.
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