GRI Buys Vienna, Va., Shopping Center for $63M
The company snagged a $32 million loan from PGIM
By Christina sturdivant-Sani August 15, 2018 3:16 pm
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Real estate investment firm GRI Avenue has acquired the Maple Avenue Shopping Center, the largest shopping center along the Maple Avenue commercial corridor in Vienna, Va., from an undisclosed seller for $63.6 million, according to Bisnow. The center is about 15 miles outside of Washington, D.C.
PGIM Real Estate Finance loaned GRI $32 million toward the acquisition of the mall according to a press release from Avison Young which negotiated the debt for the borrower. GRI is an affiliate of First Washington Realty, per Bisnow.
Stephen Shaw, a director at PGIM, told Commercial Observer in an email that the lender was “pleased to be financing another high quality, grocery-anchored center for Global Retail Investors, and our long-term, fixed-rate programs align well with GRI’s plans for the asset.” Neither Shaw nor an Avison spokesman would disclose the terms of the loan.
The 111,810-square-foot shopping center at 311 Maple Avenue is 100 percent leased to Giant grocery store, the anchor tenants, a CVS, a Michaels arts and crafts store and other smaller shops.
Avison’s Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou represented GRI.
“This offering represented an excellent opportunity for a lender to finance a Class A grocery-anchored shopping center in an ideal setting,” Yavinsky said in a prepared statement. “The Maple Avenue Shopping Center is situated in an easily accessible location in a very affluent, highly populated area.”
A representative for First Washington Realty did not return a request for comment.
