X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BETHESDA, MD-Retail property investment is alive and well in the Washington, DC area, as evidenced by Phillips Realty Capital’s recent closing on $125 million in loans for six shopping destinations. The greater Metropolitan Washington, DC region is at the very top of the National Retail Index, according to Marcus & Millichap Research Services’ 2003 National Report. “Compelling demographics and the reliable economic engine of the US government maintained Washington, DC’s rank as the strongest retail investment market in the nation,” the report concludes.

Phillips is, without a doubt, tuned in to the market and its currently fertile investment ground. The company’s recent retail deals include $35 million in long-term debt for Kentlands Market Square, a 252,000-sf shopping center in Gaithersburg, MD. Phillips also negotiated $26 million in permanent debt for Springfield, VA’s 261,000-sf Springfield Plaza, $18.5 million in refinancing for the 145,000-sf Bradlick Shopping Center in Annandale, VA, and $18 million in permanent financing for Rockville, MD’s 98,000-sf Traville Village Center. Remaining financial arrangements include a $15 million long-term debt package for Bethesda, MD’s 120,000-sf Georgetown Square, and $13 million in long-term fixed-rate debt for McLean, VA’s McLean Square Shopping Center, which will be expanded by 17,000 sf with part of the funds.

“International institutions continue to view the Washington market very positively, and continue to look favorably upon well located retail centers due to the strength of our local economy,” Phillips COO Joseph C. Tilley tells GlobeSt.com. “Unlike many areas throughout the country, the DC metropolitan economy continues to expand and strengthen.”

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.