Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Woodbridge Square, a 42,881-square foot neighborhood convenience center located in Woodbridge, VA, according to Bryn D. Merrey, district manager of the firm’s Mid-Atlantic offices. The asset sold for $8,850,000, approximately $206 per square foot.
Dean Zang, senior vice president investments of Marcus & Millichap’s Washington, D.C. office had the exclusive listing to market the property on behalf of the seller, a private investor out of Washington State. The buyer, a private limited liability company completing a 1031-exchange, was co-brokered with Infinity Realty and secured by Zang and the TZD Retail team of Marcus & Millichap. The TZD Retail team specializes in the acquisition and disposition of retail shopping centers in the Mid-Atlantic region and net-leased investments throughout the country. Merrey served as the broker of record for this transaction.
“While the shopping center did have certain complexities of sale, the strong location in an outer ring suburb produced a healthy strong cap rate of 7.59 percent,” Zang said of the closing. “We received numerous offers for the asset, and were pleased to complete this sale with the assistance of Infinity Realty.”
Woodbridge Square is located on 5.14 acres at 13179-13291 Occoquan Rd, approximately 20 miles outside of Washington D.C. Constructed in 1990, the property is 100% occupied with 17 tenants, 13 of whom have been in this location for over a decade. Anchored by a Dollar General, the property includes many local businesses like La Despensa, a Spanish-oriented grocery store, Top Nails, and Teresa Jewelry. The property was previously purchased by the ownership more than twenty years ago for approximately $2.5 Million dollars.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
