Dealmaker: JLL Closes $485M Sale of Five D.C.-Area Retail Assets

JLL, Chicago, closed a $485 million sale of a portfolio of five grocery-anchored retail properties totaling 798,000 square feet in northern Virginia and Maryland.

JLL marketed the property for seller WashREIT, Washington, D.C. First Washington Realty, Bethesda, Md., purchased the assets this month.

The 97.7 percent leased portfolio includes two Alexandria, Va., centers, Bradlee Shopping Center and Shoppes at Foxchase, and three Maryland centers, Gateway Overlook in Columbia, Olney Village Center in Olney and Wheaton Park Shopping Center in Wheaton. Grocery anchors include Trader Joe’s, Aldi, Harris Teeter, Giant, The Fresh Market and H Mart in addition to junior anchors Michaels, Walgreens, T.J.Maxx, Pier 1 Imports, HomeGoods, Gold’s Gym and Best Buy.

Annual household incomes within three miles of the centers average $126,200 and the population within the same range exceeds 156,000 residents.

The JLL Capital Markets team that represented WashREIT included Senior Managing Director and Co-Head of JLL Capital Markets retail practice Daniel Finkle, Executive Managing Director Stephen Conley, Managing Director John Owendoff, Director Jordan Lex and Senior Associate Kim Flores.

“The infill locations in affluent submarkets coupled with the solid tenant rosters have been key components of the portfolio’s past performance,” Finkle said.

Jones Lang LaSalle Americas Inc. provided co-brokerage services.