Leesburg Retail Trades for $22M

LEESBURG, VA-A 61,839-sf neighborhood retail center here has traded hands for $22.2 million. Charlottesville, VA-basedNeuman-Bellewood LLC acquired the property, BellewoodCommons, from Bethesda, MD-based Minshall-Stewart Properties.

Located at 525 E. Market St, Bellewood Commons is on Leesburg’s main retail corridor in the central part of the town, at the intersection of Market and Plaza Sts. In 1998, it was renovated, including repainting of the facade, resurfacing the parking lot and updating of the center’s landscaping. Today, it is 97% leased, and anchored by Starbucks, Dunkin Donuts and Mail Boxes Etc, according to Minshall-Stewart Properties’ web site.

Rich Vaaler of Sperry Van Ness/Vaaler Real Estate in Leesburg and Peter Witham and Fred Moon of The Greenwich Group, represented the seller. The firm also advised the buyer, which represented itself.

Vaaler has been the leasing and managing agent when it was under Minshall-Stewart’s ownership. The new owner has retained Sperry Van Ness/Vaaler Real Estate as the leasing agent.