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Cushman & Wakefield recently facilitated the sale of Springfield Commons, a popular shopping center in Springfield, Virginia. The 119,085-square-foot complex is situated just 15 miles outside of Washington D.C. and features well-known anchor stores such as Old Navy, PureGym, and Staples. Additionally, it is shadow-anchored by Home Depot.
The seller in this transaction was AEW Capital Management and the property was acquired by DLC in partnership with Cohen & Steers with representation from Cushman & Wakefield.
According to Managing Director at Cushman & Wakefield Owendoff: “Springfield Commons presents an attractive opportunity for investors due to its stable cash flow potential from national tenants as well as various value-add strategies that can be implemented both short-term and long-term.”
Built back in 1998, Springfield Commons boasts a prime location near the I-95/I-495 interchange along with easy access to public transportation via a nearby Metro Station. It also benefits from being surrounded by established single-family communities along with new multifamily developments plus medical offices buildings which attract high foot traffic to neighboring retail outlets offering complementary services or entertainment options.
This news originally appeared on Connect CRE.
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