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The Corner Retail Center Sells for Nearly $12M

FALLS CHURCH, VA-All 70,900 sf of the 18-year-old The Corner at Seven Corners shopping center sells in an $11.9-million transaction. Owner Terranomics Development succeeded with the help of Marcus & Millichap Real Estate Investment Brokerage Co.

By Barbra Murray | Updated on March 19, 2002

FALLS CHURCH, VA-The 70,900-sf shopping center The Corner at Seven Corners has been sold in an $11.9 deal to a Florida investment group by owner San Francisco, CA’s Terranomics Development. While two other brokerage firms had failed to sell the property, Encino, CA-based Marcus & Millichap Real Estate Investment Brokerage Co. was able to sell it within just a few weeks of obtaining the Fairfax County listing–and for a higher price than what was being asked by the previous brokerage firms.

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.

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