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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.

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