SPRINGFIELD, VA-Crow Holdings has acquired Backlick Plaza, a 85,932-sf retail center anchored by El Grande Supermarket, Taco Bell and Gamasat Restaurant. The Hechinger family sold the property to Crow Holdings for an undisclosed price, according to Cary Abod, director in the Washington, DC office of Holliday Fenoglio Fowler LP.

Abod, along with colleague Bob Donhauser arranged $16.6 million in financing for Crow to acquire the property. It secured a 10-year securitized, fixed rate loan through conduit lender Bank of America. Abod declined to mention the rate or the leverage of the loan but he did tell GlobeSt.com that it is interest-only for the entire term. What was notable about the deal, he adds, is that all of the participants were able to turn it around within 30 days.

Located at 6981 Hechinger Dr. close to Interstate 495, Backlick Plaza was built in 1970 and renovated in 2006.

Crow Holdings is now investing its fourth private equity fund, Crow Holdings Realty Partners IV LP, which is capitalized with $850 million, including a $150 million commitment by the sponsor.

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?


© 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.

Dig Deeper


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 © 2024 ALM Global, LLC. All Rights Reserved.