Neighborhood shopping center, anchored by Sport & Health, is 98% occupied
Bethesda, MD (August 22, 2014) – Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, in partnership with Angelo Gordon of Kodiak Properties, LLC, has announced the sale of Brafferton Center, a 95,000 square foot neighborhood shopping center located in Stafford, Virginia for $22.3 million. Andy Stape, Mat Adler and Vito Lupo of KLNB Retail represented the sellers, while the buyer, an affiliate of Mosaic Realty Partners was self-represented in this transaction.
Located at the intersection of Garrisonville Road (Route 610) and Brafferton Boulevard, the retail center is currently 98% occupied and anchored by Sport & Health, a health and fitness club which occupies approximately 50% of the project. Additional tenants include Dunkin’ Donuts, Massage Envy, Avis Car Rental and Sweet Frog. The center is within close proximity to North Stafford Plaza, Walmart, Target and Lowe’s Home Improvement and is less than one mile from the Garrisonville Road exit of Interstate 95.
Brafferton Center is comprised of a retail strip of stores containing approximately sixteen separate retailers, as well as two free-standing out parcels that house an additional eight retailers. Approximately 70,000 consumers and 23,000 households reside within a five-mile radius of the project with an average household income of more than $112,000.
“Brafferton Center is positioned within a high density residential section of Stafford County, and the entire retail group has established a loyal and consistent consumer following in the community,” explained Neil Markus, Principal of Finmarc. “The new owner acquired an excellently-maintained and visible asset contained within an environment that features among the most recognizable retail brands in the country.”
“Our team was able to identify a number of viable buyers for this asset with Mosaic Realty Partners, a locally-owned and managed real estate company, emerging as the most suitable purchaser,” stated Mat Adler, of the KLNB Retail Investment Sales Group. “This property, which represents the firm’s initial acquisition in the Virginia area, complements the company’s existing portfolio.”
– See more at: http://citybizlist.com/article/201524/finmarc-management-inc-sells-95000-square-foot-brafferton-center-in-stafford-va-for-223-million#sthash.9iORsLSg.dpuf
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