Rock Creek Property Group sells Regal Center in Sterling for $18.2 million
- July 8, 2014
Rock Creek Property Group has sold Regal Center, a 52,500-square-foot shopping center in Sterling, to The Regal Center LLC/Bernstein Management Group Inc. for $18.2 million, or about $347 per square foot. The transaction closed on June 30.
Washington, D.C.-based Rock Creek owned the center, adjacent to the 20-screen Regal Cinemas on Route 7, for about nine years. The center is anchored by national tenants including Domino’s, 7-Eleven, Firehouse Subs and BB&T. There also is a mix of regional tenants such as sweetFrog Yogurt, O’Faolains Irish Pub, Cheng’s Oriental Restaurant and Old Virginia Tobacco Co.
“This asset has really stood the test of time,” Gary Schlager, a partner with Rock Creek Property, said in a statement. “The tenant mix we assembled over the years is very complementary, and the leases were well stabilized when we decided to sell the property.”
Rock Creek’s sale of Regal Center comes two weeks after the firm sold 5185 MacArthur Blvd. NW in D.C. for $14.9 million. That deal followed the firm’s acquisition of a prime development site at 7th and H Streets NE in D.C. where Rock Creek and a joint venture partner, Cornerstone Development Group, plan to build residential condominiums with ground-floor retail space.
Rock Creek Property Group, founded in 2002, owns a diverse portfolio of office, industrial, multi-family and retail properties in the mid-Atlantic region.