Shopping Center Changes Hands in $19M Deal

WOODBRIDGE, VA-In a transaction valued at $19 million, Rosenthal Properties has acquired the 233,000-sf Prince William Square Shopping Center from Prince William Square Associates LLC. Rosenthal was on the receiving end of the property as part of the seller’s 1031 exchange involving its purchase of the 218,200-sf Park Center office building in Alexandria, VA, as documented in a February 19 GlobeSt.com article. The Prince William County Department of Finance lists Prince William Square’s current assessed value at just over $12 million.

Located on a 20-acre parcel across the street from the two million-sf Potomac Mills Mall, Prince William Square boasts an occupancy level of 95% and features four anchor tenants–value-oriented chain AJ Wright, arts and crafts store Michaels, Harbor Freight Tools and Hancock Fabrics. Speaking to GlobeSt.com, Rosenthal Properties’ Glenn H. Rosenthal says, “Prince William County is an area strong in residential growth, and retail should benefit, especially retail close to Potomac Mills Mall, which is one of the largest retail destinations in the world.”