A joint venture between private real estate group Cohen & Steers and open-air retail property owner and operator DLC recently announced the acquisition of Springfield Commons, an open-air community shopping center located in Springfield, Va.
Situated roughly 15 miles west of Washington, D.C., the property encompasses nearly 120,000 square feet of commercial space. In addition to the national capital, Springfield also offers convenient access to other affluent suburbs in the Capital region, such as Arlington and Alexandria.
At the time of sale, Springfield Commons was reportedly nearly 80% leased with tenants including Pure Gym, Old Navy, Pure Hockey, Staples, and the most visited branch of The Home Depot in the state of Virginia.
With great trust in the success of this retail submarket, the new owners expect to have the property at nearly 100% occupancy in a relatively short time.
“We believe that valuations in the open-air shopping center sector are attractive, and the market is revealing compelling investment opportunities,” said James S. Corl, head of the private real estate group at Cohen & Steers. “We’re excited to expand our partnership with DLC and leverage their operating experience to drive long-term value in Springfield Commons.”
Springfield Commons is located across from Springfield Town Center, a thriving shopping destination that’s home to a mix of retail space, entertainment and dining. The Town Center, which was recently completely redesigned, has become one of the top destinations for fashion, dining and living in Fairfax County. Situated within convenient proximity of Interstate 95 and the Springfield Metro, it has also attracted community enhancements, such as new housing projects and a hotel that’s currently in development.
Living in a mixed-use community where one can easily walk to restaurants and retail is highly appealing to a great majority of people — a preference that has been proven by the surge in popularity of mixed-use developments across the Capital region in the last decade.
“Live-play-work” residential and commercial complexes that come with upgraded roads and other transportation infrastructure and are located within convenient proximity of a major city is a highly desirable combination: It helps people live within a relatively short commute to their workplace, as well as enjoy easy access to education, dining, entertainment and retail.
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