Cushman & Wakefield has facilitated the sale of the Vienna Shopping Center, a 25,500-square-foot retail complex in the Washington suburb of Vienna, Va., in a $17 million deal.
Neither side of the deal was disclosed, but public records show that JBG Smith, the developer best-known for building out Amazon’s HQ2, was the last owner, having acquired the property in 2015.
“The center offers exceptional cash flow durability given its necessity-based, credit tenancy and location in an affluent, densely populated community just outside of Washington, D.C. — one of the most resilient and sought-after investor markets globally,” John Owendoff, a managing director at Cushman & Wakefield, told Commercial Observer.
Located at 225 Maple Avenue East, in what’s considered Vienna’s Main Street, the center is 100 percent leased to Walgreens and Petco. The property is near Tysons and within a mile of I-66 and the Capital Beltway (I-495 and I-95), plus two metro stations.
“This transaction proves out the dynamic we’re seeing in today’s retail investment sales environment,” Owendoff said. “There continues to be abundant and aggressive capital, both debt and equity, for well-located, high-quality retail assets.”
Joining Owendoff in representing the seller were Cushman & Wakefield Managing Directors Patrick Berman and Jason Donald.
According to Rappaport, Vienna is home to more than 103,000 people with an average household income of $171,983. During normal times, Maple Avenue sees approximately 30,000 vehicles a day.