McLearen Square Brings In $11.5M

HERNDON, VA-The 78,000-sf shopping center McLearen Square has been sold in an $11.5-million deal between Canadian owner Sun Life Assurance Co. and buyer First Allied Corp. The six-year-old property is leased to capacity and sports a Food Lion grocery store as its main anchor. Other tenants in the strip mall include CVS Pharmacy and Texaco.

“We had a tremendous response from interested buyers,” KLNB Retail’s Devin Corini tells GlobeSt.com. KLNB represented the seller in the transaction. “It commanded more interest from institutional buyers than Food Lion-anchored shopping centers normally do.” KLNB ended up going with First Allied not only because of its strong offer, but also because of the company’s willingness to follow through. “First Allied has been very aggressive on a national level, and they were very creative putting together the financing.,” Corini adds.