X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.