Baltimore, MD (July 15, 2009) – Spectrum Partners LLC, in a joint venture with Baltimore-based Alex. Brown Realty (ABR) and Potomac Capital Advisors, is pleased to announce the acquisition of Westgate Plaza Shopping Center for $25 million from Principal Real Estate Investors.
“Given today’s real estate and financial markets, we are pleased to have completed the purchase of Westgate Plaza Shopping Center,” stated Scott Spector, Principal of Spectrum Partners LLC.
“This strong retail asset will be a great compliment to our growing portfolio of retail, commercial and industrial properties. We also appreciate our ability to partner with ABR and Potomac Capital Advisors on this transaction.” Spector added, “Our organization continues to aggressively look for acquisition opportunities in the Mid-Atlantic market.” “This is a great opportunity to establish a presence in one of the nation’s premier retail corridors at an outstanding price point,” commented Tom Burton, ABR’s chief investment officer. “We look forward to leveraging Spectrum’s expertise to produce strong returns for our investors.”
Westgate Plaza Shopping Center is located at 8139 Sudley Road, in Manassas, Virginia. The 176,000 square foot retail center includes anchors Giant Foods and Barnes & Noble Booksellers along with other such retailers as Panera Bread, Pier 1 Imports, Ruby Tuesdays and Total Wine & More. Spectrum Partners specializes in the acquisition and revitalization of underperforming assets while creating value for its investor clients.
Other parties involved in the transaction included Principal Real Estate Investors, Potomac Capital Advisors, CB Richard Ellis Inc., Kelley, Drye & Warren, LLP, Transwestern Structured Finance Group and Virginia Commerce Bank.
Spectrum Partners LLC was established in 2006 and is a privately held company. Spectrum Partners is a joint venture of Kodiak Properties, LLC (www.kodiakproperties.com) and Finmarc Management, Inc. (www.finmarc.com). Spectrum Partners was created to specialize in the acquisition, development, redevelopment, leasing and management of commercial real estate properties. Since formed, Spectrum Partners and its affiliates have acquired and still own properties totaling over 7 million square feet. Our retail, office, and industrial assets are located in the District of Columbia, Virginia, Maryland, Delaware and Pennsylvania.
Alex. Brown Realty (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com