"After almost ten years in Maryland, company executives decidedit was time to fill the demand to accommodate the ever-growing listof Virginia customers who travel to Maryland to shop at Buy BuyBaby," says Earl Goodman of Divaris Real Estate Services Inc., thefirm that represented Buy Buy Baby in the lease transaction withproperty owner the Rappaport Cos.

Springfield Plaza is a community shopping center that was builtin 1961 at the corner of Old Keene Mill Rd. and Commerce Rd. inFairfax County. Renovated in 2001, the retail destination has thedistinction of being the only grocery-anchored shopping center inthe heart of Springfield. Giant Food is the lead tenant atSpringfield Plaza, which also features such retailers as TraderJoe's, Kinkos, David's Bridal and CVS. With Buy Buy Baby's recentcommitment, the property is left with less than 8,000 sf ofavailable space. The parties involved in the deal have notdisclosed the financial terms of the lease agreement, but space atneighborhood service centers in Northern Virginia goes for $20 to$35 per sf, according to NAI Direct Inc.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.