Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VIENNA, VA-Cedar Park Shopping Center, a 75,569-sf, class B, fully leased retail asset here has traded for $14 million. The seller was a local private investor, which originally constructed the property, according to Michael Yavinsky, vice president of Walker & Dunlop, which arranged the buyer’s financing.

The buyer was a joint venture between Bethesda-based Global Retail Investors, an institutional investor, and CalPERS and First Washington Realty, a retail pension fund advisor and investor, Yavinsky tells GlobeSt.com.

The center is anchored by a CVS pharmacy and includes a McDonalds and BB&T branch, he says. It also has a second story office component and storage use as well. “The property has a lot of upside potential if only because there are not too many retail sites left in Vienna,” he says.

Yavinsky negotiated an $8,125,000 acquisition loan, which was structured as a ten-year interest only loan.

“It was a good loan for the property,” Yavinsky says. “It was underwritten on ten year IO basis but because cap rates in this market are so low debt coverage ratios are tight even on IO constants. This might look like a low-leverage deal but because of the upside and cap rates it was fairly tightly underwritten.”

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. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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.