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JLL Brokers $17M Sale of Grocery-Anchored Retail Center in Metro D.C.
JLL has arranged the $17.4 million sale of Manokeek Village Center, a 74,470-square-foot, grocery-anchored, small-format shopping center in the Washington D.C. suburb of Accokeek, MD.
Built in 2003, the center is 96% leased to Giant, the No. 1 grocer in the Washington D.C. area, along with a diverse mix of other tenants that include Starbucks and Advance Auto Parts. The site has a potential expansion and development opportunity with an undeveloped one-acre pad site included in the sale. The shopping center is located on nearly 16 acres at 7025 Berry Rd. in Accokeek.
Bill Moylan, Jordan Lex and Daniel Naughton of JLL represented the seller, The JCR Cos., in the transaction. The buyer was AmCap Necessity Retail Fund LLC. In addition, the JLL Capital Markets Debt Placement team, led by Evan Parker, secured a 10-year, fixed-rate acquisition loan on behalf of the buyer. The lender was not disclosed.
- ◦Acquisition
