Glazer Family, Owner Of Buccaneers And Manchester United, Buys Suburban Virginia Retail Center
Glazer Properties, the real estate business of the family that owns professional sports teams in two of the world's biggest leagues, just made a significantly smaller acquisition in the suburbs of Washington, D.C.
The real estate firm, run by Kevin Glazer, acquired a 48K SF retail center in Springfield, Virginia, leased to tenants like Chick-fil-A, Advance Auto Parts, Outback Steakhouse and Taco Bamba, according to a press release.
The Glazer family, which owns the Tampa Bay Buccaneers of the National Football League and Manchester United Football Club of the English Premier League, paid previous owner Crow Holdings Capital $25M for the shopping center known as Backlick Center and located at 6651-6691 Backlick Road, according to a source familiar with the deal.
When reached for comment, an office manager for Glazer Properties said the firm was unable to provide comment or details at this time. A Crow Holdings spokesperson also declined to comment.
Cushman & Wakefield Managing Director John Owendoff represented Glazer in the transaction, according to the release. Backlick Center is located near the I-95/I-495 interchange and neighbors residential developments, which made the center an attractive investment, according to Cushman & Wakefield.
"Backlick Center is exceptional real estate located in the heart of Northern Virginia," Owendoff said. "We saw significant interest in this property as investors continue to gravitate to high-quality retail offerings."
Crow Holdings purchased the site, built in 1980, for $21.25M in 2017, according to property records. The privately run real estate investment and development firm of the family of Texas real estate titan Trammell Crow, Crow Holdings has $13B in assets under management, according to its website.