Saul Centers Inc., a Bethesda, Md.-based equity real estate investment trust, recently acquired three shopping centers, two of which are located in the metropolitan Washington, D.C., area.
The company acquired the 89,000-square-foot Great Falls Center located in Great Falls, Va. Built in 1979 and renovated in 2000, the center is anchored by a Safeway grocery store and a CVS pharmacy and was 95 percent occupied at the time of purchase.
The company also purchased a single-tenant property occupied by the 115,000-square-foot BJ’s Wholesale Club, located in Alexandria, Va. The property was constructed in 1991 and is leased to BJ’s under a long-term ground lease.
The third property is the 22,000-square-foot Marketplace at Sea Colony, located in Bethany Beach, Del. The center was fully occupied at the time of purchase by restaurants and retailers serving both permanent residents and visitors to this Atlantic Coast vacation community.
The three properties were purchased from seller entities under common control for a combined price of $60.6 million.
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