Saul Centers Acquires 24 Acres in Broadlands

ASHBURN, VA-Bethesda, MD-based equity REIT Saul Centers, Inc. has acquired a 24-acre parcel of undeveloped land in the 1,500-acre Broadlands planned community of residential and commercial development. Located along the Dulles Greenway between Washington Dulles International Airport and the city of Leesburg, Broadlands is a massive development endeavor of Terrabrook and the Van Metre Cos.

Saul plans to erect a 150,000-sf to 200,000-sf shopping center on the land, which has the capacity to accommodate 225,000-sf of development. The deal to purchase the property from Broadlands developers has been in the works since December of last year. While terms of the sale are not being disclosed, Loudoun County land records show that Broadlands Associates sold 21.5 acres for $2.8 in January of 2001 to another buyer. The Broadlands community is home to 3,500 residences and has a population of nearly 4,500. There is also a 72-acre park and a new elementary school within the development.