HFF secures $33.75 million refinancing for Manassas shopping center
Holliday Fenoglio Fowler L.P. (HFF) said Tuesday that it has secured $33.7 million in refinancing for Davis Ford Crossing, a 152,391-square-foot neighborhood shopping center with multiple national anchors in Manassas.
HFF worked on behalf of the borrower, Rappaport, to secure the 10-year, 4.3-percent, fixed-rate loan with Principal Real Estate Investors. HFF said it would service the securitized loan.
Between 2013 and 2014, Rappaport, a commercial real estate services company based in McLean, completed nearly $2 million in renovations and enhancements to Davis Ford Crossing and secured LA Fitness as a new anchor tenant.
The center, which is 97.5-pecent-leased, also is home to three other anchors, Staples, Petco and CVS. McDonald’s, United Bank, Arby’s and Exxon occupy outparcel pads, and an additional 2,670-square-foot pad site is available for future development.
The center is located on 21 acres at 9890 Liberia Ave at the intersection of Liberia and Prince William Parkway.
The HFF debt placement team representing the borrower was led by Managing Director Mark Remington and senior real estate analyst Robert Carey.
“This transaction created a win for both parties, allowing Rappaport to buy out its capital partner while creating a valuable loan asset for Principal,” Remington said in a statement.