GAITHERSBURG, MD—A 78,456-square foot Giant-anchoredneighborhood shopping center has traded in a 1031 Exchange for$19.5 million. The buyer of Goshen Crossing is aprivate investor based out of New York and the seller is an entitycontrolled by the Fairfield, CT-based CeruzziProperties. Jeffrey Dunne, David Gavin, BillKent and Ryan Sciullo ofCBRE's National Retail Investment Grouprepresented the seller and procured the buyer as well.
Goshen Crossing is fully leased and located at the intersectionof Goshen Rd. and Rothbury Dr. Giant Food anchors the center andmaster ground leases the entire property on a long-term NNN basis.It occupies most of the center, in fact, and subleases theremaining portion to national and local tenants.
The center's long-term lease with Giant will provide the buyerwith stable cash flow, Dunne says in a prepared statement."Combined with the center's position in an affluent, denselypopulated trade area and no landlord maintenance responsibilities,Goshen Crossing was an ideal property to satisfy the buyer's 1031exchange."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
