Barcroft Plaza

6345 Columbia Pike, Falls Church, VA, 22041-1224, US

Description

Jones Lang LaSalle is pleased to exclusively offer for sale Barcroft Plaza (the “Property”), a Harris Teeter-anchored neighborhood shopping center in a prime location within the I-495 Beltway in Falls Church, Virginia. Barcroft Plaza boasts a tenant line-up that provides 38% of rental income from credit tenants and best-in-class trade area demographics. Originally constructed in 1960 and renovated in 2017-2019, the Property sits at the intersection of Columbia Pike (20,700 VPD) and Lincolnia Road, offering convenient access from the affluent, growing communities of Fairfax County, Virginia.

The 113,173 square foot Property is anchored by Harris Teeter, a subsidiary of Kroger (NYSE: KR & S&P: BBB), which boasts a health ratio of 2.46% and has served as the foundation of the asset since 2000. Barcroft Plaza is also home to a number of national tenants including Starbucks, Bank of America, and 7-Eleven, attracting local shoppers for daily convenience needs, as well as regional destination shoppers.

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Attributes

Building area gross

10,514 m²

Occupancy

98%

Land area gross

4.01 ha

WAULT

4.5 years

Media

Investment Highlights

HIGH-PERFORMING GROCERY ANCHOR: Harris Teeter recently exercised their option and has above average sales for the Washington, DC market
38% OF RENTAL INCOME FROM CREDIT TENANTS: Harris Teeter, Bank of America, and Starbucks represent nearly half of the rental income at Barcroft Plaza
NEW LEASING MOMENTUM: Tenants Playful Pack, Honeygrow, Taco Zocalo and MQR Cafe provide new tenant excitement along with a 29% increase in base rent
PRIME NORTHERN VIRGINIA LOCATION: Barcroft Plaza is located inside the beltway in Fairfax County (#5 Wealthiest County in the US) putting it in the crosshairs of major employment centers such as Tysons Corner, Reston, Arlington, and Washington DC
LIMITED CAPITAL EXPENDITURES REQUIREMENTS: The Property was freshly renovated in 2019 and has 97% of its roofs on a GLA basis under warranty for at least another 10 years