Price Legacy Homes in on Retail with $76M Acquisition

SAN DIEGO, CA-Price Legacy Corp. continues to home in on its core market of open-air community retail, as the REIT has recently acquired the Dulles Town Crossing shopping center in Sterling, VA for $76 million and sold two self-storage facilities in CA for total proceeds of $46 million.

The San Diego-based REIT has purchased Dulles Town Crossing from previous owner AIG Baker Inc. using a combination of cash and a new $49.5-million, 10-year, 5.88% fixed-rate mortgage. Completed in 2000, the open-air shopping center stands on a 103-acre parcel in Sterling. Encompassing 740,000 sf, it is 99% occupied. Approximately 81% of the total center is leased by national tenants including Lowe’s Home Improvement Center, Sam’s Club, Wal-Mart, T.J. Maxx, Bed Bath & Beyond, Best Buy, Cost Plus, Ethan Allen, Dick’s Sporting Goods and Nordstrom Rack. Dulles Town Crossing is part of a two-property portfolio purchase by Price Legacy. The other property, Cherrydale Point, was previously acquired in June 2002. The REIT paid nearly $30 million for that 400,000-sf retail complex located in Greenville, SC.