WASHINGTON, DC — JLL Capital Markets announced today that it has closed the $17.35 million sale of and secured $10.4 million in acquisition financing for Manokeek Village Center, a 74,470 s/f, grocery-anchored, small-format shopping center in the Washington, D.C. suburb of Accokeek, Maryland.
JLL marketed the property on behalf of the seller, The JCR Companies (JCR). AmCap Necessity Retail Fund LLC purchased the asset. Additionally, working on behalf of the new owner, JLL arranged a 10-year, fixed-rate acquisition loan.
Completed in 2003, Manokeek Village Center is 96 percent leased to Giant, the No. 1 grocer in the Washington, D.C. area, along with a diverse mix of other tenants that include Starbucks and Advance Auto Parts. The site has a potential expansion and development opportunity with an undeveloped 1.3-acre pad site included in the sale.
Manokeek Village Center is situated on 15.82 acres at 7025 Berry Rd. in Accokeek, a high-growth submarket approximately 12 miles south of Washington, DC. It is on the “going home” side of Berry Rd. (Rte. 228) where it intersects with Indian Head Highway (Rte. 210), exposing the center to a combined 83,000 vehicles per day.
The JLL Capital Markets team representing the seller was led by managing director Bill Moylan, senior director Jordan Lex and director Daniel Naughton.
“Manokeek Village Center provides the buyer a majority of income from essential, credit tenants in a high-growth suburb of Washington, D.C., characteristics that are in demand from both buyers and lenders,” Lex said.
The JLL Capital Markets Debt Placement team representing the new owner included director Evan Parker.