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Grocery-anchoredInvestment salesNewsWashington DC

Finmarc Management Sells Largo Town Center in Metro D.C. for $70 Million 

by Hayden Spiess

Upper Marlboro, Md. — Finmarc Management Inc. has sold Largo Town Center, a 280,000-square-foot retail center in the Upper Marlboro suburb of Washington, D.C., for $70 million. The investment firm purchased the shopping center in 2019 when it was 80 percent occupied. John Donnelly of John C. Donnelly Inc. and Arthur Benjamin and Alex Alperstein of AdvisoRE LLC represented the buyer, an investment group led by Bethesda-based KPI Commercial LLC, in the transaction. Joseph Hoffman of Kelley Drye Warren provided legal services to Finmarc. Tenants at the property include Marshalls, Shoppers …

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Investment salesNewsWashington DC

PRP Acquires Spring Valley Village Shopping Center in Washington, D.C. for $47.5 Million

by Hayden Spiess

Washington, D.C. — PRP has acquired Spring Valley Village, a 95,000-square-foot shopping center in Washington, D.C., for $47.5 million. Originally constructed in 1939 and renovated in 2017, the center comprises six buildings that were 98 percent leased at the time of sale. Tenants at the property include Crate & Barrel, Millie’s Restaurant, Capital One Bank, Starbucks Coffee, Small Door Veterinary, Compass Coffee and Blue Lane. 

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NewsWashington DC

US Retail Sales Rise in June, NRF Predicts Strong July Activity with Back-to-School Shopping

by Hayden Spiess

Washington, D.C. — The U.S. Census Bureau reports that overall retail sales in June rose 0.2 percent from May and 1.5 percent from June 2022. The Wall Street Journal reports that the retail sector’s three consecutive months of positive sales activity can be attributed in part to inflation easing. The Consumer Price Index, the U.S. Bureau of Labor Statistics’ leading indicator for inflation, rose at an annualized rate of 3 percent in June, the lowest figure since March 2021. The National Retail Federation (NRF), a Washington, D.C.-based advocacy organization for the retail industry, …

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DevelopmentFinanceNewsWashington DC

Tishman Speyer Obtains $150 Million Construction Loan for Mazza Gallerie Mall Redevelopment in Washington, D.C.

by Hayden Spiess

Washington, D.C. — Tishman Speyer has secured a $150 million construction loan to fund the mixed-use redevelopment of Mazza Gallerie, a three-story shopping mall in Washington, D.C.’s Friendship Heights neighborhood. RBC Capital Markets provided the financing. Upon completion, the property will feature 320 rental apartments and 90,000 square feet of retail space, including 20,000 square feet of new ground-level retail space. Tishman Speyer will maintain the mall’s 70,000-square-foot retail concourse, which will be anchored by T.J. Maxx. The redevelopment will also maintain over 800 parking spots across four below-grade levels. …

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LeasingNewsWashington DC

Whole Foods to Open 47,000-Square-Foot Store at Parks at Walter Reed Development in Washington, D.C.

by Hayden Spiess

Washington, D.C. — Whole Foods Market plans to open a new 47,000-square-foot store as part of the Parks at Walter Reed development in northwest Washington, D.C. The store, which will open on June 28, will anchor the 3.1 million-square-foot redevelopment of the historic, 66-acre Walter Reed Army Medical Center. The new Whole Foods will be located in The Hartley apartment building. The grocer signed the lease with the ownership group — Hines, Urban Atlantic and Triden Development — in 2019. 

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Burke Town Center
NewsVirginiaWashington DC

Pine Tree Assumes Management of Two Retail Properties in Metro Washington, D.C.

by Hayden Spiess

Burke, Va. and Washington, D.C. — Pine Tree has assumed management of two retail properties located in metro Washington, D.C. Assignments include Cityline at Tenley in Washington, D.C., and Burke Town Center in Burke, Virginia. The addition of these properties, both of which are owned by Invesco Real Estate, brings Pine Tree’s total portfolio to more than 100 shopping centers.

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DevelopmentLeasingNewsRestaurantsWashington DC

MRP to Open Food Hall with Six Tenants in Washington, D.C.

by Hayden Spiess

Washington, D.C. — MRP Realty will open Bryant Street Market Food Hall in Washington D.C.’s Edgewood neighborhood. The current tenant lineup includes Alegria Bar, Blowfish Poke, Grassfed Griddle, Taqueria Habanero, Tiger Sugar and Bold Dumpling. Beginning Mar. 17, the market — which is located in residential building The Chase — will be open from 8 a.m. to 9 p.m., remaining open until 10 p.m. on Fridays and Saturdays. Bryant Street Market will also host various pop-ups, and MRP plans to add a 2,400-square-foot event space.

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FinanceIndustry ContentNewsWashington DC

NRF: Holiday Retail Sales Rose 5.3 Percent to $936.3 Billion in 2022

by Hayden Spiess

 Washington, D.C. — The National Retail Federation (NRF) has reported that retail sales during 2022’s November-December holiday season rose 5.3 percent year-over-year, reaching $936.3 billion. Though the number fell short of NRF’s predictions, which anticipated an increase of 6 to 8 percent, it represents an improvement on the 4.9 percent average annual holiday sales growth over the previous 10 years. The calculation, based on data from the U.S. Census Bureau, excludes automobiles, gasoline and restaurant sales and defines that holiday season as Nov. 1 through Dec. 31, 2022. “We knew …

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Investment salesNewsWashington DC

Northmarq Brokers $7.6 Million Sale of Ground Floor Space in Washington, D.C.

by Hayden Spiess

Washington, D.C. — Northmarq has arranged the sale of a 4,403-square-foot retail space at 1515 15th St. NW in Washington, D.C. Isaiah Harf of Northmarq arranged the $7.6 million sale on behalf of the seller, a private Maryland-based investor. An undisclosed California-based buyer acquired the property in a 1031 exchange. Built in 2008, the space — which is located on the ground floor of Metropole Condominiums — is fully leased to TD Bank.

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DelawareDevelopmentLeasingNewsVirginiaWashington DC

Wegmans Opens New 81,300-Square-Foot Grocery Store in Metro D.C., Two More Planned to Open

by Katie Sloan

Washington, D.C. — Wegmans is expanding in metropolitan Washington, D.C. In early May, the grocer opened an 81,300-square-foot store at 150 Stovall St. in Alexandria, Virginia, a store that anchors Stonebridge’s Carlyle Crossing mixed-use development. The Alexandria store opened earlier this month and is the 14th Wegmans in Virginia and 107th nationwide. The grocer also plans to open an 85,000-square-foot store within the Halley Rise development in Reston, Virginia, and an 84,000-square-foot store at the $640 million City Ridge development in northwest Washington, D.C. The City Ridge store will open in …

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