Long & Foster Real Estate’s Commercial Division is pleased to announce the sale of Merrifalls Plaza, an 18,215 square foot neighborhood retail center located in Falls Church, Virginia. The property was sold for $7,550,000 to a local investor which equates to $415 per square foot. Matthew Garcia was the sole broker involved in the transaction. The shopping center was 100% leased at the time of sale, which translated to an approximately 6.8% cap rate.
Garcia, who has over 16 years’ experience in the business stated “This was certainly not an easy deal to get across the finish line. There were a lot of moving parts including the seller simultaneously retiring an underlying ground lease, coupled with navigating a commercial mortgage-backed securities debt assumption.”
The property is well situated on Lee Highway less than half mile inside the Capital Beltway and just minutes from Merrifield and the popular Mosaic shopping district.
Garcia added “Given the location of the property and the fact that it was a stabilized asset that not only survived, but performed well through the pandemic, there was no shortage of interest from the investment community. Ultimately, the sellers were looking to dissolve the partnership and once they were able to offer this as a fee simple acquisition, they were able to consummate the sale.”
Long & Foster’s Commercial Division is based out of Tysons, Virginia and has a focus on sales and leasing in the Washington, D.C. metropolitan area and throughout the Mid-Atlantic.
Long & Foster Real Estate is the nation’s No. 1 real estate company as part of HomeServices of America. For more information, visit longandfostercommercialrealestate.