Monument Realty Sells Portion of Ashburn’s Riverside Square
Monument Realty has sold a major portion of Riverside Square, its newly developed, 90,000-square-foot, multi-building retail center in Ashburn, Va., for $22.5 million.
In the off-market deal, a 1031 exchange buyer acquired two inline retail properties, totaling 43,000 square feet and anchored by Oak Health Club, Sherwin Williams and Mattress Warehouse.
“Selling was always a part of the investment strategy,” Michael Darby, principal of Monument Realty, told Commercial Observer. “The timing made sense and we took advantage of a historically low cap rate environment.”
Monument still owns the remaining 47,000 square feet of the retail center.
“We are currently marketing for sale, three income-producing, ground-lease pad sites at Riverside that are occupied by national tenants, Sheetz, Texas Roadhouse, and Burger King,” Darby said.
Riverside Square is situated in Loudoun County, the third-fastest growing and most affluent county in the United States, according to Monument Realty data.
“It offers unparalleled visibility from Route 7 and is conveniently adjacent to Leesburg Pike and accessible from the recently completed Riverside Parkway extension at Ashburn Village Boulevard,” Darby said.
Danny Brooker and Rich Sillery of Monument Retail represented both the 1031 exchange buyer and seller in the deal. Monument Realty will continue property management and leasing services for the entire property.
“I am also so proud of our investment sales team who utilized their extensive network to connect one of their longstanding client relationships who needed to find a high yield exchange, to our property,” Darby said. “It was a perfect match for both buyer and seller.”
Keith Loria can be reached at Kloria@commercialobserver.com.