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H Mart-Anchored Shopping Center in Northern Virginia Trades for $10M
Marcus & Millichap arranged the sale of the ground-leased interest in Manassas Junction, a grocery-anchored shopping center located in Virginia. The asset sold for $10.22 million.
“This was a unique transaction as a land-lease sale,” said Dean Zang, executive managing director at Marcus & Millichap in Washington, D.C., who led the transaction. “There was not much transparency on the property’s rent roll, and interest rates effectively required this to be an all-cash purchase.”
Zang and David Crotts of Marcus & Millichap marketed the property on behalf of the seller, a local private individual and procured the buyer, a 1031 exchange investor who acquired the asset through three separate entities. The purchaser previously acquired the outparcels leased to Taco Bell, Burger King and Suntrust Bank in 2018.
Built in 1981, the 67,022-square-foot shopping center spans 9.2 acres and is anchored by H Mart, which took over the location in 2015 after Giant Foods closed in 2012. Manassas Junction is located at 8805 Centreville Road in the Washington D.C. metro area.
