Done Deals: JLL announces $485 million sale of 5 retail assets in Northern Virginia and Maryland

Tuesday, July 30, 2019

JLL announces $485 million sale of 5 retail assets in Northern Virginia and Maryland

Portfolio of five core, grocery-anchored retail properties totaling 797,984 square feet in Northern Virginia and Maryland

MIAMI, FL – JLL announces that it has closed the $485 million sale of a portfolio of five core, grocery-anchored retail properties totaling 797,984 square feet in Northern Virginia and Maryland.

Daniel Finkle

JLL marketed the property on behalf of the seller.

WashREIT. First Washington Realty purchased the assets.

The portfolio, which is 97.7% leased, comprises two Alexandria, Virginia, centers, and three Maryland centers.

The Virginina centers are Bradlee Shopping Center and Shoppes at Foxchase, and the Maryland centers are Gateway Overlook in Columbia, Olney Village Center in Olney and Wheaton Park Shopping Center in Wheaton.

The properties house a variety of grocery anchors, including Trader Joe's, Aldi, Harris Teeter, Giant, The Fresh Market and H Mart, in addition to national retailers such as Michaels, Walgreens, T.J.Maxx, Pier 1 Imports, HomeGoods, Gold's Gym and Best Buy.

Stephen Conley

The properties all reside in affluent suburbs within the metro Washington, D.C. region where annual household incomes within a three-mile radius average $126,200 and the population within the same range is more than 156,325 residents.

The JLL Capital Markets team that represented the seller included Senior Managing Director and Ho-Head of JLL's Capital Markets retail practice Daniel Finkle, executive managing director Stephen Conley, Managing Ddirector John Owendoff, Director Jordan Lex and Senior Associate Kim Flores along with JLL's M&A and Corporate Advisory team.

“This portfolio is a collection of well-operated and successful retail centers in the D.C. Metro,” Finkle said. “The infill locations in affluent submarkets coupled with the solid tenant rosters have been key components of the portfolio’s past performance and its future success.”

Kim Flores

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

John Owendorff

About WashREIT

WashREIT (NYSE: WRE) owns and operates uniquely positioned real estate assets in the Washington, D.C. market.

Backed by decades of experience, expertise and ambition, WashREIT creates value by transforming insights into strategy and strategy into action.

As of July 26, 2019, the company’s portfolio of 49 properties includes approximately five million square feet of commercial space and 6,658 multifamily apartment units.

WashREIT’s shares trade on the NYSE and the company currently has an enterprise value of more than $3 billion.

With a track record of driving returns and delivering satisfaction, WashREIT is a trusted authority in one of the nation’s most competitive real estate markets.

Learn more at http://www.washreit.com.