Newmark announces the sale of Town Center at Sterling, a 188,109-square-foot retail property anchored by Giant Food located in Sterling, Virginia. Rappaport Companies purchased the retail center, located at 21800 Towncenter Plaza.
Newmark’s Retail Capital Markets team including Vice Chairman Geoffrey Millerd, Managing Director Mat Adler and Associate Chris Huesgen facilitated the sale on behalf of a joint-venture between Regency Center and First Washington Realty. Newmark’s Mid-Atlantic region Debt and Structured Finance team, led by Vice Chairman Joe Donato, arranged financing on behalf of the Rappaport Companies.
“Town Center at Sterling was a unique opportunity to acquire a grocery anchored center directly off Leesburg Pike in a location that straddles two of the wealthiest counties in the country, Loudoun and Fairfax,” said Adler. “Anchoring the center since the early 1970’s, Giant Food recently underwent a renovation and executed a long-term extension on its lease.”
Town Center at Sterling sits at the intersection of Routes 7 and 228, where Leesburg Pike meets Dranesville Road. Other tenants include Planet Fitness, Capital One bank, Verizon Wireless, Kids First Swim School and many other retailers.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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