JLL sells 5 retail assets in N. Virginia, Maryland, totaling $485M

Assets are anchored by market-leading or dominant grocery chains

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 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. 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."

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 a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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

SOURCE Jones Lang LaSalle Americas, Inc.

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