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Starbucks-leased Arlington Property Lures Multiple Offers, Full-Price Sale
SRS‘ national net lease group in Washington, DC, has brokered the $4 million sale of a two-tenant retail property in Arlington, VA. The 3,100-square-foot two-story property is tenanted by Starbucks and Wireless Rxx.
The seller was Chicago-based McCaffery Interests, Inc; the VA-based private buyer was in a 1031 exchange. According to SRS, the property drew multiple offers and sold at full asking price ($1,286 per square foot) under the most favorable terms for closing the transaction.
The 1979-constructed property is situated on a .19-acre site in the Clarendon neighborhood and is across the street from a Whole Foods Markets.
“This is a great example of the strength of high-quality urban-infill, neighborhood retail that has largely proven to be pandemic and internet resistant,” said SRS executive managing director Andrew Fallon. “Buyers are attracted to well-located assets with durable income and intrinsic value and are willing to pay a premium for unique opportunities.”
- ◦Sale/Acquisition
