Constructed in 1984 through a joint venture between Terranomics and Paine Webber Properties, The Corner was originally billed as an "off-price" shopping center and is located in the Seven Corners neighborhood where Leesburg Pike, Highway 50 and Wilson Blvd. Intersect. The project was Terranomics's first East Coast venture. It is currently anchored by a Gap clothing store, which occupies 18,000 sf, a 16,500-sf Guitar Center outlet, and an 8,000-sf KB Toy Works.

"This is a site where Marcus & Millichap's approach came through and served our client very well, and I believe the buyer was happy, as well," investment sales associate Bob Myers of Marcus & Millichap's Philadelphia, PA office tells GlobeSt.com. "It's in a great location and there is an interesting tenant mix. There has been strong rent growth in the past and it's projected into the future."

But the site location and tenancy were not the only factors that led to the quick sale. The brokerage firm called on four agents from three of its offices in California, Pennsylvania and Washington, DC to market the shopping center. "For this part of the country, and for a non-grocery anchored shopping center [the $11.875 million was] a very strong pricing performance," Myers adds. "We were successful in bringing the Marcus & Millichap approach to this area."