Edens Sells Manassas Shopping Center For $31M
A shopping center next to a Super Target in Manassas has just traded hands for $31M.
Edens sold the Center at Innovation, a 102K SF retail property built in 2008, to The JCR Cos., a D.C.-based retail investor.
The five-building shopping center sits on a 14-acre site at the intersection of Virginia 28 and Prince William Parkway. It is over 90% leased to tenants TJ Maxx, PetSmart, Chick-fil-A, Tropical Smoothie Café, GameStop, Verizon Wireless and Red Robin.
The Super Target was built as part of the shopping center, but was not included in the sale.
Upon buying the property, JCR aims to sell three pad sites on the property, where the Chick-fil-A, Red Robin and a SunTrust Bank sit. It has already begun negotiations with potential buyers, it said in a release.
JCR owns over a dozen retail properties in the D.C. area, including buildings in Dupont Circle, Logan Circle, Capitol Hill and on 14th Street. JCR principal Joe Reger said the firm plans to acquire over $100M of D.C.-area retail property this year.
"We are more bullish than ever on necessity-based neighborhood retail," Reger said in a release.