LEESBURG, VA — Calkain’s executive managing director, Andrew Fallon and managing director, Richard Murphy have recently completed the sale of the multi-tenant strip center located at 400 – 416 Sycolin Rd. SE in Leesburg. The busy neighborhood retail center is anchored by a 9,300 s/f Kiddie Academy and co-located with a neighborhood Walgreens. A local, high net-worth, repeat buyer purchased the retail center for $6,100,000 at $440.00 psf.
Fallon said, “Investors are showing more interest in Amazon-proof neighborhood retail strip centers because they are convenience-focused, well-located buildings that are highly adaptable. They are typically acquired at higher cap rates due to the perception of additional management.” Murphy stated, “The high intrinsic value of the neighborhood location produced extremely strong interest in the property and in turn provided for multiple offers.”