JLL announces $485M sale of 5 retail assets in Northern Virginia and Maryland
Assets are anchored by market-leading or dominant grocery chains
MIAMI, July 29, 2019 – 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.
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 Virginia 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. 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 Co-Head of JLL's Capital Markets retail practice Daniel Finkle, Executive Managing Director Stephen Conley, Managing Director 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.”
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
WashREIT (NYSE: WRE) owns and operates uniquely positioned real estate assets in the Washington, DC 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 washreit.com
About First Washington Realty
First Washington Realty (FWR) is a fully integrated, national real estate investment and management firm. FWR specializes in the ownership of convenience, necessity and experience-oriented retail real estate. FWR currently owns 97 shopping centers with a value of over $4.9 billion located in 22 states and the District of Columbia. FWR’s centers contain approximately 12.9 million square feet with over 2,400 tenants. For further information, visit firstwash.com