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Rock Creek Property group sells Sterling’s Regal Center for $18 million

Rock Creek Property Group has sold the Regal Center in Sterling to The Regal Center LLC/Bernstein Management for $18 million. Times-Mirror File Photo
Rock Creek Property Group has sold the Regal Center in Sterling to The Regal Center LLC/Bernstein Management for $18,200,000, roughly $347 per square foot.

The shopping center is located next to Regal Cinemas on Route 7, and has been owned by D.C. based Rock Creek Property Group for the past nine years. It was sold in a transaction that closed June 30 for about $4 million more than it was purchased in 2005, according to Loudoun County land records.

The center is anchored by national companies such as Dominoes, 7-Eleven and BB&T and includes regional tenants such as SweetFrog and The Good Shepherd Alliance.

Gary Schlager, a partner of Rock Creek, said that bringing in a mix of national and local tenants has improved the center's value and made it a better asset.

“This asset has really stood the test of time,” Schlager said. “The tenant mix we assembled over the years is very complementary, and the leases were well-stabilized when we decided to sell the property.”

Schlager said Rock Creek is selling the center in order focus on more urban and suburban development closer to the D.C. area, such as the recent decision to purchase a development site at 7th and H streets in D.C. where they plan to build residential condominiums with ground-floor retail space.

Rock Creek currently has more than $100 million of ongoing projects in multiple stages of the development cycle and a variety of projects in the D.C. area.



Comments

I would guess the Regal here will close once they open the new Regal at Dulles Town Center. No point having 2 so close to each other. My guess is they will redevelop that area entirely in the next few years. It’s a weird deal though as this seems to be just the shopping center that has sweet frog etc. and not the theater which is a separate parcel. And from Loudoun’s property records Regal doesn’t own the theater parcel either but it may be just that they own it through a holding company.


Regal in Sterling is not cheaper price wise but boy is it dated. I am shocked it has lasted as is this long.


For me, I just walk down to my basement and recline back to watch any movie I want. It sits up to 20, with a 109’ screen, surround sound. I can grab a drink at the bar, free. Make popcorn and then relax in my steam sauna afterwards…Or go to a movie theater, Pay $50+ for a pair of tickets and food, cell phones going off, kids talking to friends…
And don’t forget, Dulles mall has movie theater opening soon.


I day implode the Regal. We already have a better place with the Alamo. Cobb is a different kind of place compared to the Alamo. If you want lower cost with theater food, stay with Cobb. If you want to pay more for a better venue, then go to Alamo. If they plan on keeping it, at least upgrade it to an IMAX theater.


Regal Center has to make sure it’s $18/million invest grows and doesn’t end up bankrupt as those high end theaters steal away market share in the area. You better be prepared to see changes and higher prices, because nobody spends $18m to maintain the status quo.


Fred- why don’t you continue to go to all those high end theaters mentioned in your post, and leave Regal as is?

I just want to go see a movie at a lower cost, and not have to pay for all the frills and luxuries.


Okay LTM…  Let’s try to match the photo to the property.  Your current photo leads one to believe the property in question sold was the Regal Theater, not the shopping complex a couple blocks over and on the opposite end of the street.  Quite misleading!!!


Maybe the new owners will upgrade the theater to compete against Cobb and The Alamo, because it has become very dated and the last choice on where to see a movie.


The picture is perhaps somewhat misleading.  If I read this correctly, the movie theater is not part of the sale; only the shopping center that surrounds it.  If that is in fact the case, having a picture of the movie theater makes it misleading and confusing.  If it isn’t the case, and the theater is included in the sale, then that needs to be stated in the article.

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