Property is located near Metro’s Ashburn Station and has potential for future redevelopment
In real estate, knowing your market and local areas are critical to success. For Realtors working in the commercial side, staying abreast of what’s happening in the business and development world is also essential. That’s why Mark Miller, a Long & Foster Real Estate agent who has a growing commercial business, is an avid follower of the local news.
“Knowing what’s going on the region helps build my expertise on the commercial and residential real estate markets and my understanding of the broader economic situation across our region,” said Miller. “It’s not only invaluable to my clients, but also to my business’s future growth.”
And Miller’s investments in these ongoing learning efforts have paid dividends, not only enhancing his current client relationships but also developing new ones—including one that recently culminated with a $14.5 million commercial sale.
Here’s how it started.
About 18 months ago, Miller read about a proposed development project in Loudoun County. He immediately thought of one of his clients who might be interested in investing in the opportunity. A few phone calls later and Miller was talking with one of the development projects’ founders, but their conversation quickly shifted from that concept to another – commercial development opportunities in Loudoun.
More than just referring an investor, Miller ended up earning a new client—Oslo Real Estate Development—from that call. In the months that followed, Miller and the Oslo team had many more phone calls, business meetings, strategy sessions and investment plans, and their efforts led to the $14.5 million purchase of The Shops at Moorefield Village in Ashburn in late September 2022.
The 15+ acre commercial center currently houses a now-closed grocery store, and it is located close to the Ashburn Station of Metro’s Silver Line. Its proximity to the Metro station places it in one of Loudoun’s Urban Policy Areas, which means it’s eligible for future redevelopment into high-density residential and commercial.
“My clients saw this property not for what it is today, but for what it could be in the future,” said Miller. “While there are not yet plans for what it will become, there are numerous possibilities to redevelop the center into an invaluable property for the community and all of its residents.”
For Miller, this is his largest commercial development sale, and he looks forward to working with other investors seeking similar opportunities throughout the region.
“Mark goes above and beyond for his clients, helping them with their larger investment opportunities, as well as their individual purchases and leases,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “His dedication to the business and commitment to his clients is what Long & Foster agents are known for, and we’re proud to have him as a member of our team.”
To learn more about Long & Foster, visit longandfoster.com.