Marcus & Millichap Arranges the Sale of a Loudon County Retail Center
LOVETTSVILLE, VA, August 16, 2021 – Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, today announced the sale of Lovettsville Square, a 17,381-square-foot retail property located in Lovettsville, VA, according to Brian C. Hosey, regional manager of the firm’s Washington, D.C. office. The asset sold for $6,125,000, or approximately $350-per-square-foot.
David S. Crotts and Dean Zang, investment specialists in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller and original developer, an affiliate of Elm Street Development and NV Commercial. The buyer, a local family office, was secured and represented by J. Dominic Vito of Long & Foster.
Lovettsville Square is located on the Town Square of the quaint Loudoun County town. Its developer, NVRetail, master planned the project along with the 210-home subdivision in the rear of the property. Key tenants include regional chain Velocity Wings and a recently relocated Anytime Fitness gym. Most recently, a second planned phase was sold to an unrelated developer that is planning a co-op market concept with additional commercial space. The property was initially put into the market for sale in March of 2020 and garnered strong interest; however, the Covid-19 restrictions halted a transaction. The most recent marketing campaign launched in April of 2021 and a sale was quickly completed by the Marcus & Millichap team 93 days later. “We are seeing pent-up demand from buyers to transact, and assets that retained tenants through Covid are in elevated demand. Lovettsville Square’s tenant roster is mostly local tenants, but its developer was selective in the merchandizing mix. Tenant strength was evident in those challenging months,” noted Zang.
“We are excited about the outcome and would like to thank both the buyer and seller for making this such a smooth transaction,” added Crotts.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.