Core Retail Investment Opportunity for Sale in Northern Virginia
July 17, 2017
MANASSAS, Va., July 17, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today it has been awarded the exclusive listing for Manassas Corner Shopping Center, a 30,627-square-foot Walgreens-anchored shopping center in Manassas, Virginia. The property is being offered for sale unpriced.
“This prime multi-tenant asset presents the retail investment community with a low-management, stabilized acquisition opportunity in a premier demographic area that is poised for future rental growth,” says Dean Zang, senior director.
Zang and David Crotts, director, are representing the seller, a Seneca Properties-related entity.
The shopping center is located at 9221-9271 Sudley Road in Manassas between two intersections on Route 234, Sudley Road. The Manassas station of the Virginia Railway Express, which carries more than 17,600 passengers per day, is within 10 minutes of the property.
Built in 1965 on nearly two-and-a-half acres, the red brick Manassas Corner Shopping Center was rebuilt in 1997, and substantially renovated in 2011 with the opening of the anchor tenant, Walgreens. The property is currently 100 percent occupied by a strong concentration of national convenience retailers that are predominantly service and food oriented.
“Nearly 90 percent of the center’s rental revenue comes from nationally branded retailers and only 22 percent of all tenants’ leases expire in the next five years,” notes Crotts.
Bryn Merrey, senior vice president and division manager, is Marcus & Millichap’s broker of record in Virginia.