HFF closes sale of grocery-anchored retail center in Washington, D.C. metro area
WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Purcellville Gateway, an 88,687-square-foot, Harris Teeter-anchored retail center in Purcellville, Virginia.
HFF marketed the property on behalf of the seller, a joint venture between Roadside Development and Harris Teeter. ECHO Realty, LP purchased the asset. Roadside Realty will continue to manage the asset.
Situated on 16 acres of what was once Cole Farm, Roadside Development created a shopping center that integrates many of the farm’s original structures – the farmhouse, barn and silo – and distinctive architecture into the center. This can be seen in the center’s red standing seam roofing, residential scale white wood siding, covered porches and sheds, dormers, cupolas and fences. Completed in 2012, Purcellville Gateway is 100 percent leased to a strong roster of tenants including Harris Teeter, Starbucks, PetValu, Coach’s Corner Grill and Jersey Mike’s Subs. Located at 105 Purcellville Gateway Drive, the center is at the corner of Berlin Turnpike (Route 287) and Main Street (Business Route 7) in the affluent Washington, D.C. exurb of Purcellville, a Loudoun County town at the foothills of the Blue Ridge Mountains.
The HFF investment sales team representing the seller was led by John Owendoff and Jordan Lex.
About Roadside Development
Roadside Development is a Washington DC-based real estate firm that values and invests in people - its employees, partners, business associates, and local communities. The high quality of its projects reflects that value and investment. Roadside has acquired, developed, constructed and managed more than 8.5 million square feet of mixed-use and retail projects, and has become one of the leading experts in urban and town center development throughout the metropolitan Washington, DC region.
For more information, visit www.roadsidedevelopment.com.
About Harris Teeter
Harris Teeter, a wholly-owned subsidiary of The Kroger Co. (NYSE: KR), was co-founded in 1960 by North Carolina grocers W.T. Harris and Willis Teeter. Harris Teeter operates more than 230 stores and one fuel center in eight states and the District of Columbia. In addition to its retail stores, Harris Teeter also owns grocery, frozen food and perishable distribution centers in Greensboro, NC, and Indian Trail, NC, as well as a dairy in High Point, NC. Harris Teeter is headquartered in Matthews, NC and has approximately 28,000 associates. Learn more at www.harristeeter.com.
About ECHO Realty, LP
ECHO Realty, LP is a privately held developer, owner and operator of commercial real estate headquartered in Pittsburgh, PA, with offices in Washington, D.C. and Indianapolis, IN. ECHO's portfolio consists of 160 properties totaling more than 9 million square feet of retail space. ECHO’s services include development and construction management, property management, leasing and brokerage (operating as ECHO Retail) and partnership management. For more information about ECHO Realty, LP, please visit www.echorealty.com and www.echoretail.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.