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MANASSAS, VA-One year after a $120M portfolio purchase of seven retail assets, Spectrum Partners in Bethesda, MD, has acquired a new property: the locally based Westgate Plaza for $25 million. About 65% of the purchase price was a loan from Virginia Commerce, principal Scott Spector tells GlobeSt.com. The remainder was equity provided through a JV with Baltimore-based Alex Brown Realty and Potomac Capital Advisors. Principal Real Estate Investors was the seller.

Last year Spectrum acquired seven retail assets from Jacksonville, FL-based Regency through a different partnership with Angelo, Gordon. The retail industry, to say the least, has undergone a huge shift since then, Spector notes. Still, though, “this property is a good opportunity for us. It is fully leased with a good schedule of lease rollover.” Also, he says, the tenant roster is strong, with a Giant grocery store anchor.

Located at 8139 Studley Rd., the 176,000-square-foot center includes such retailers as Barnes & Noble Booksellers, Panera Bread, Pier 1 Imports, Ruby Tuesdays and Total Wine. Other participants in the deal, which closed this week, included CBRE, Kelley, Drye & Warren and the Transwestern Structured Finance Group.

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