Rappaport Buys Sterling Shopping Center
Rappaport is continuing to grow its Loudoun County retail portfolio with a Sterling shopping center acquisition.
The company acquired the Town Center at Sterling, a 188K SF shopping center anchored by a Giant grocery store, from a joint venture of Regency Centers and First Washington Realty.
Newmark Knight Frank’s Retail Capital Markets team of Geoffrey Millerd, Mat Adler and Chris Huesgen represented the seller, and NKF’s Joe Donato arranged financing for the buyer. The parties did not disclose the price of the sale and it has not yet appeared in property records. Records show the property was assessed this year at $37.6M.
The shopping center at 21800 Towncenter Plaza sits at the intersection of Leesburg Pike and Dranesville Road. In addition to Giant, which recently renovated its space and extended its lease, the shopping center includes Dollar Tree, Planet Fitness, 7-Eleven, a Capital One branch and several other retail and restaurant offerings.
“Town Center at Sterling was a unique opportunity to acquire a grocery-anchored center directly off Leesburg Pike in a location that straddles two of the wealthiest counties in the country, Loudoun and Fairfax,” Adler said in a release.
The acquisition follows Rappaport’s May 2018 purchase of the retail portion of the Village at Leesburg mixed-use property, anchored by Wegmans. The recently acquired shopping centers are two of nine retail properties Rappaport owns or manages in Loudoun County, according to its website.