|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.