X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ARLINGTON, VA-Edens & Avant, a private retail real estate company, has acquired a fully occupied strip mall here for $22 million. Shirley Park Partners Limited Partnership sold the 84,502 sf shopping center to the Columbia, SC-based firm.

The property, called Arlington Ridge Shopping Center, is leased at below market rents, with the tenants having signed on years ago, explains Paul Collins, a broker with Cassidy & Pinkard Colliers. “Turnover should happen very quickly,” he tells GlobeSt.com. Collins and Jud Ryan represented the seller.

In addition to the leasing upside, Collins says Edens & Avant will also try to leverage its new acquisition by investigating different redevelopment possibilities.

Built between 1958 and 1961, according to Cassidy & Pinkard Colliers’ website, Arlington Ridge is anchored by Giant Food. Other tenants include Gold’s Gym, Domino’s Pizza, BB&T and Blockbuster Video. The center was renovated in 2003, and the Blockbuster addition was constructed in 2004, according to the website.

The asset is located on South Glebe Road, between I-395 and Jefferson Davis Highway, straddling two heavy traffic conduits. Even without this ideal location, such close-in properties are in high demand by institutional investors, according to Collins, especially grocery-anchored centers. “Centers like these are investors’ bread and butter.”

Furthermore, in Arlington, there are high barriers to entry for additional development. “It is not easy finding similar investment properties,” Collins says. The buyers paid cash, according to him. The property was on the market for 60 days.

According to its website, Edens & Avant has some 22 properties in the greater Washington area including Van Dorn Plaza in Alexandria, VA; the Shoppes at Ryan Park in Ashburn, VA; Burtonsville Crossing in Burtonsville, MD; Montgomery Village Crossing in Gaithersburg, MD; and Cascades Marketplace in Sterling, VA.

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.