Principal-McCaffery JV Acquires $93M Portfolio

ARLINGTON, VA-Principal Real Estate Investors and McCaffery Interests have entered into a JV to acquire six shopping centers and an office building in the DC region. According to a press release issued by the companies, the properties purchased are: Backlick, West Springfield and Alban Shopping Centers in Springfield; Spring Mall Office Building, next to the soon to be redeveloped Springfield Mall; Sterling and Sterling II Centers in Sterling; and Sacramento Center in Alexandria.

Local comps show that the two companies paid a total of $93 million for the following portfolio from Fried Cos. according to Tonya Ginter, director of research & marketing for GVA Advantis: The 118,159-sf nine-story Spring Mall Office Building at 6551 Loisdale Ct. in Springfield for $25.4 million or $215 per sf; West Springfield, located at 6206–6230 Rolling Rd., a 98,620-sf facility that traded for $24.7 million or $250 per sf; Sacramento Center One, a 34,500-sf retail center located at 8792 Richmond Hwy. in Alexandria that sold for $7 million or $203 per sf; Sacramento Center 2, at 8794 Richmond Hwy., a 46,775-sf mall that traded for $10 million or $214 per sf; 53,574-sf Backlick Shopping Center at 6651-6691 Backlick Rd. in Springfield, which traded for $15.5 million or $288 per sf; Alban Shopping Center, at 8081 Alban Rd., a 18,280-sf center that sold for $4.5 million or $246 per sf; and Sterling Plaza at 22405 Enterprise St. in Sterling, a 22,554-sf building that sold for $5.5 million or $244 per sf.