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.
# # #
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.