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STERLING, VA-Ownership of the sprawling 486,569-sf Potomac Run shopping center has changed hands in a deal valued at nearly $59 million between seller Crow Holdings and buyer Kimco Realty Corp. The transaction covers 361,365 sf of the retail property, as shopping center anchor Target owns its 125,204-sf space.

Located on Potomac Run Plaza near Rte. 7 and Cascades Parkway, Potomac Run, not including Target’s lot, occupies a 38.5-acre parcel in Northern Virginia’s Loudoun County, and has a current assessed value of approximately $45 million. Development of the shopping center began in 1996 with additional expansions taking place through 1999. Today, the retail facility is about 99% occupied and is leased to a wide variety of tenants including Circuit City, Kitchen Etc., Office Depot, PetSmart, Ross Dress for Less and Toys-R-Us.

Crow Holdings added the property to its real estate portfolio in a $45 million acquisition deal in 2000. This time around on the market, Potomac Run fared even better. “It was highly sought after; we had about 20 offers,” CB Richard Ellis senior vice president Michael Gorsage tells GlobeSt.com. CB Richard Ellis marketed the property on behalf of Crow Holdings. “From the time we started the underwriting to the time we closed was less than six months. In terms of market exposure, it took only about 30 days.”

Indeed, when observed on a national level, the demand for retail space in the Washington, DC area continues to lead the nation. According to Insignia/ESG Inc.’s year-end 2002 market overview, the Washington, DC region was the strongest retail market in the US last year, partially due to the area’s diverse and growing economy.

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