Bisnow Exclusive: Spectrum's Mid-Atlantic Shopping Center Spree
Bisnow has learned that Bethesda-based Spectrum Partners has purchased two Mid-Atlantic retail properties in the last week, and it has a big-name tenant for one of them. (The two best ways to beat long lines: shop online or just buy the whole mall.)
Managing member Scott Spector (right, snapped with partners Marc Solomon and David Fink; a fourth partner, Alan Hammerschlag, is currently in St. Thomas) says Spectrum closed yesterday on 1991 Chain Bridge Rd in Tysons, a vacant 34k property. The firm subsequently signed REI to a lease for the building yesterday as well (Cushman & Wakefield's Dave Dochter and Matt Alexander repped the tenant). Scott says they purchased the building for an undisclosed price from New York Life, and that REI, which he calls "one of the best retail tenants in the country," will move in once build-out is complete early fall. The building sits between the new Greensboro and Tysons Corner Metro stops.
The Tysons buy comes on the heels of Spectrum's $32M purchase last week of Red Lion Plaza (above), a 230k SF center in Northeast Philadelphia. It's 95% leased and anchored by Best Buy, Staples, and Planet Fitness. Scott says the firm is continuing to seek infill retail locations; it bought 1639 Wisconsin Ave in Georgetown in late fall and is under contract on a retail property in Capitol Hill.