Firm’s Bullish Outlook on Necessity-Based Neighborhood Retail Leads to $31 Million Purchase of Center at Innovation
The JCR Cos. struck a deal with Edens to acquire the Center at Innovation shopping center in Manassas, VA for $31 million, or approximately $304 per square foot.
The acquisition is the first of what Principal Joe Regen hopes is a banner year for the firm, which is looking to acquire more than $100 million of retail real estate in the Washington, D.C. market this year. Reger noted the firm is more bullish than ever on necessity-based neighborhood retail, adding the company likes the fundamentals and rapid growth rate of Manassas.
Anchored by TJ Maxx and Petsmart, the 101,990-square-foot Center at Innovation is more than 90 percent leased to a tenant roster that also includes Chick-Fil-A, Tropical Smoothie Café, GameStop, SunTrust Bank, Verizon Wireless and Red Robin, and is shadow-anchored by a Super Target.
The acquisition is the second shopping center investment in Manassas for JCR, which is already in talks to sell the three pad sites leased to Chick-Fil-A, SunTrust Bank, and Red Robin. Since 2012, the company has acquired nine shopping centers in the D.C. suburbs.
John Owendoff and Jordan Lex of HFF brokered the deal for Edens.
Please see CoStar COMPS #4114115 for more information on this transaction.