Multi-Employer Property Trust (MEPT) and Bentall Kennedy, real estate advisor to Washington, D.C.-based MEPT, have purchased two retail centers in the greater Washington market for about $122.6 million. MEPT acquired Woodland Park Crossing, a 137,028-square-foot, grocery-anchored center in Herndon, and Penn Mar Shopping Center, a 387,028-square-foot, grocery-anchored center in Forestville, Md.
MEPT, a $5.3 billion open-end, commingled real estate equity fund, acquired the properties through two separate transactions. Woodland Park Crossing is 97.5% leased to a mix of national and regional tenants. The four-year old retail center is part of a mixed-use complex and benefits from retail traffic from office workers and residents in the adjacent two-million-square-foot Woodland Park Office Park and 200-unit Monroe Place apartments. Metrorail’s planned Herndon-Monroe Station extension opens within walking distance of the property in 2016. JBG Rosenfeld Retail will be handling property management and leasing at Woodland Park Crossing.
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