Rosenthal Flips DC’s Spring Valley Village for $48M After 2 Years
Two years after purchasing the Spring Valley Village retail center in Washington, D.C., Rosenthal Properties has sold the property to PRP for $47.5 million.
Rosenthal paid $40 million for the six-building center in the Spring Valley neighborhood, which is near D.C.’s border with Maryland, in 2021.
The 95,000-square-foot Spring Valley is anchored by Crate & Barrel and was 98 percent leased at the time of the sale.
“The property is a very unique high street retail property in a wealthy, infill location in D.C.,” Paul Dougherty, president and chief investment officer of PRP, told Commercial Observer. “It has great tenancy, great demographics and a loyal following.”
Tenants include Millie’s restaurant, Capital One Bank, Starbucks, Small Door Veterinary, Compass Coffee and Bluestone Lane.
Located along Massachusetts Avenue northwest of American University, the center was originally constructed in 1939 and renovated and expanded in 2017. As one of the oldest shopping centers in the District, the property is listed on the National Register of Historical Places.
The surrounding area boasts $357,100 in average household income with a population of 168,400 within a three-mile radius of the center, according to the seller.
“We look forward to creating a higher shopping experience through our ownership and stewardship of this historic property,” Dougherty said.
D.C.-based PRP manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions.
JLL (JLL) represented both sides in the deal.
Keith Loria can be reached at Kloria@commercialobserver.com.