X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ARLINGTON, VA-Principal Real Estate Investors and McCaffery Interests have entered into a JV to acquire six shopping centers and an office building in the DC region. According to a press release issued by the companies, the properties purchased are: Backlick, West Springfield and Alban Shopping Centers in Springfield; Spring Mall Office Building, next to the soon to be redeveloped Springfield Mall; Sterling and Sterling II Centers in Sterling; and Sacramento Center in Alexandria.

Local comps show that the two companies paid a total of $93 million for the following portfolio from Fried Cos. according to Tonya Ginter, director of research & marketing for GVA Advantis: The 118,159-sf nine-story Spring Mall Office Building at 6551 Loisdale Ct. in Springfield for $25.4 million or $215 per sf; West Springfield, located at 6206–6230 Rolling Rd., a 98,620-sf facility that traded for $24.7 million or $250 per sf; Sacramento Center One, a 34,500-sf retail center located at 8792 Richmond Hwy. in Alexandria that sold for $7 million or $203 per sf; Sacramento Center 2, at 8794 Richmond Hwy., a 46,775-sf mall that traded for $10 million or $214 per sf; 53,574-sf Backlick Shopping Center at 6651-6691 Backlick Rd. in Springfield, which traded for $15.5 million or $288 per sf; Alban Shopping Center, at 8081 Alban Rd., a 18,280-sf center that sold for $4.5 million or $246 per sf; and Sterling Plaza at 22405 Enterprise St. in Sterling, a 22,554-sf building that sold for $5.5 million or $244 per sf.

Principal Real Estate Investors and McCaffery Interests did not return calls seeking comment. According to the companies’ statement, the partnership intends to increase the value of these properties by enhancing the facades, improving signage and landscaping, remerchandising the tenant mix, and potentially developing out parcels.

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?

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
 

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.