Grocery-anchored retail center near Washington, D.C. trades for $17.35M
JLL Capital Markets arranged the sale and acquisition loan for the Giant-anchored retail center
WASHINGTON, D.C., March 18, 2021 – JLL Capital Markets announced today that it has closed the $17.35 million sale of and secured $10.4 million in acquisition financing for Manokeek Village Center, a 74,470-square-foot, grocery-anchored, small-format shopping center in the Washington, D.C. suburb of Accokeek, Maryland.
JLL marketed the property on behalf of the seller, The JCR Companies (JCR). AmCap Necessity Retail Fund LLC purchased the asset. Additionally, working on behalf of the new owner, JLL arranged a 10-year, fixed-rate acquisition loan.
Completed in 2003, Manokeek Village Center is 96 percent leased to Giant, the No. 1 grocer in the Washington, D.C. area, along with a diverse mix of other tenants that include Starbucks and Advance Auto Parts. The site has a potential expansion and development opportunity with an undeveloped 1.3-acre pad site included in the sale.
Manokeek Village Center is situated on 15.82 acres at 7025 Berry Rd. in Accokeek, a high-growth submarket approximately 12 miles south of Washington, D.C. It is on the “going home” side of Berry Road (Route 228) where it intersects with Indian Head Highway (Route 210), exposing the center to a combined 83,000 vehicles per day.
The JLL Capital Markets team representing the seller was led by Managing Director Bill Moylan, Senior Director Jordan Lex and Director Daniel Naughton.
“Manokeek Village Center provides the buyer a majority of income from essential, credit tenants in a high-growth suburb of Washington, D.C., characteristics that are in demand from both buyers and lenders,” Lex said.
The JLL Capital Markets Debt Placement team representing the new owner included Director Evan Parker.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The JCR Companies
The JCR Companies’ focus is to produce above-average returns for their investors through the strategic acquisition and management of irreplaceable real estate assets nationwide. JCR’s portfolio includes urban infill retail properties, shopping centers, triple-net and mixed-use retail properties nationwide with a concentration in the Mid-Atlantic region primarily in Washington, D.C.’s core submarkets, including Dupont Circle, Logan Circle, East End, Capitol Hill, Old Town Alexandria and Georgetown. JCR believes the greatest barrier to success in real estate investing is finding the right opportunities. With this in mind, JCR’s acquisitions team has revolutionized the process of sourcing lucrative real estate deals. JCR’s high volume of quality deal flow allows JCR to be strategic and selective in acquiring assets.
About AmCap Necessity Retail Fund LLC
AmCap Necessity Retail Fund LLC was formed for the principal purpose of acquiring, managing, leasing, operating, developing and disposing of premium core-plus necessity retail shopping centers, typically with a grocery anchor, located in the top 100 metropolitan statistical areas in the United States with strong job growth, higher income and densely populated neighborhoods with high barriers to entry. AmCap Management LLC, a Delaware limited liability company, serves as the manager of AmCap Necessity Retail Fund LLC. AmCap, Incorporated, a Connecticut corporation, is the Managing Member of AmCap Management LLC. Founded in 1979, AmCap, Incorporated is a vertically integrated private equity real estate firm that owns and/or operates grocery-anchored and necessity retail properties nationwide, with a current portfolio size of 4.8 million square feet spread across 24 properties in 9 states, with approximately $1 billion in total property value.
AmCap Necessity Retail Fund LLC is currently conducting a private placement offering to accredited investors only, with a maximum offering amount of $100,000,000. For more information, please contact Clir Capital, LLC at (877) 254-7554 or firstname.lastname@example.org.