A newly developed, three-tenant retail center in Leesburg has just traded for $925/SF, setting a net-lease sale record for Loudoun County.
J Donegan Co. sold the property at 1008 Edwards Ferry Road for $4.82M. Calkain's Jonathan Hipp and Natalia Nunno represented the seller.
The property is leased to Potbelly Sandwich Shop, Great Clips and Panda Express. Donegan delivered the project at the start of 2018. Hipp said it received interest from investors around the country, and it ultimately sold to a partnership of two Northern Virginia-based, high net worth individuals, who declined to be identified.
The $925/SF deal represents the county's priciest retail sale for a net-lease property, Hipp said, meaning the tenants are responsible for taxes, insurance and operating expenses, making it more attractive for private investors.
The property, near the intersection of Edwards Ferry Road and U.S. Route 15, sits in the parking lot of a shopping center anchored by Costco, Target and Kohl's.
"It was the right price point in a really solid market everybody wants to be in, because Loudoun County is the richest county in the country," Hipp said. "People feel like this is a great place to put your money long term."
