92,300-SF Shopping Center Sells for $23M

CALIFORNIA, MD-Dutch real estate fund DIM Vastgoed NV has acquired ownership of the new retail property known as South Plaza for approximately $23 million. The 92,300-sf power center was sold by its developer Faison-South Plaza LLC, which completed development of the property just last month.

South Plaza sits on an 11-acre parcel of land off Rte. 235 near the Patuxent Naval Air Test Center in St. Mary’s County, and bordering the City of Lexington Park. The fully leased shopping center has four anchors, the largest of which is the 29,000-sf Ross Dress for Less. The other anchors include a 20,000-sf Best Buy, a 14,800-sf Old Navy clothing store and Petco, which occupies a 13,800-sf space. The remaining 7,500 sf of leasable space is occupied by specialty shops.