LORTON, VA—A source tells GlobeSt.com that Gunston Plaza, a grocery-anchored retail center here has traded for approximately $37.5 million, or $179 per square foot. An LLC is recorded as the purchaser. The seller was Madison Marquette and the broker was NGKF.
The Food Lion-anchored 19,512-square foot center is 97% occupied by Gold's Gym, Dollar Tree, Rite Ad and USPS. It last traded in 2010 for $28.6 million.
The acquisition comes as retail fundamentals in DC's suburbs are starting to improve, according to the newly-released Delta Associates report on retail.
While vacancy rates in neighborhood and community centers remain elevated relative to their pre-recession averages, the decline in vacancy is starting to accelerate, it said.
Specifically, vacancy rates for Northern Virginia and Suburban Maryland ended August 2014 at 5.6% and 8.3%, respectively, having declined 30 basis points and 10 basis points, respectively, during the third quarter.
Within Northern Virginia, community/neighborhood center vacancy rates are lowest in the suburban Fairfax County submarket, at 4.2%, and highest in Prince William County, at 7.5%, Delta also reported.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
