Springfield Retail Center Trades in $25M Deal
By Keith Loria March 21, 2022 5:12 pm
reprints
Glazer Properties has acquired Backlick Center, a 48,267-square-foot retail center in Springfield, Va., Commercial Observer can first report.
The shopping center, home to a roster of tenants that includes Outback Steakhouse, Chick-fil-A, and Advanced Auto sold for $25 million, according to a source close to the deal.
The seller, Crow Holdings, acquired the property in 2017 for $21 million, per property records.
Cushman & Wakefield represented Crow Holdings in the deal. It wasn’t clear who brokered the deal on behalf of the buyer.
Located at 6651-6691 Backlick Road, about 15 miles south of Washington, D.C., near the I-95/I-495 interchange, the center is near the new 2.4 million-square-foot National Geospatial Intelligence Agency.
“Backlick Center offers investors exceptional cash flow durability given its ideal retail fundamentals — location and visibility on a highly trafficked corridor, high barriers to entry and phenomenal demographics,” John Owendoff, Cushman & Wakefield’s managing director in the Washington, D.C. region, told CO.
The center has a daytime population of more than 100,000 within 3 miles and 40,000 vehicles a day drive on Backlick Road, according to Rosenthal Properties, which managed the leasing for the center under the former owner, but no longer oversee it.
“This is a prime location that will always have strong demand from retailers,” Owendoff said. “We continue to see intense competition for retail opportunities as investors recognize the favorable risk-adjusted returns the sector offers.”
Requests for comment from the buyer and seller were not immediately returned.
Keith Loria can be reached at Kloria@commercialobserver.com.
