Giant-Anchored Vienna Shopping Center Trades For $64M
The largest shopping center on Vienna's Maple Avenue commercial corridor has traded hands.
An affiliate of First Washington Realty acquired the Giant-anchored Maple Avenue Shopping Center for $63.6M, property records show.
Avison Young's Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou arranged a $32M acquisition loan for First Washington's affiliate, GRI Maple Avenue LLC. The financing was provided by PGIM Real Estate Finance.
The 112K SF shopping center sits on a 10.5-acre site at 359 Maple Ave. East, less than 2 miles from the Greensboro Metro station. It is 100% leased to Giant, CVS, Michaels, Popeye's Louisiana Chicken, Domino's, GNC, Parcel Plus, Sally Beauty and Advance Auto Parts.
"This property is the dominant shopping center in the immediate area, with stores enjoying strong business," Yavinsky said.
First Washington has not said if it has any redevelopment plans for the property, but it would not be the first Fairfax County shopping center to be turned into a mixed-use project. Combined Properties is working on the redevelopment of the Fairfax Circle Shopping Center to include 400 multifamily units, and it is also developing a 400-unit project on the site of the former Penn Daw Plaza.
