Rock Creek Property Group Sells Regal Center in Sterling, VA for $18,200,000

July 8, 2014 (Washington, DC) – Rock Creek Property Group announced today that it has sold Regal Center, located at 20921-20955 Davenport Drive in Sterling, Va., to The Regal Center LLC/Bernstein Management
Group Inc. for $18,200,000, or roughly $347 per square foot, in a transaction that closed on June 30, 2014.

DC-based Rock Creek owned the 52,500-square-foot shopping center, which is adjacent to the 20-screen Regal Cinemas on Route 7, for approximately nine years, according to Gary Schlager, a Partner with the commercial real estate investment company. The center is anchored by national tenants Domino’s, 7-Eleven, Firehouse Subs, BB&T and UFC Gym, and it is complemented by well-known local and regional operators sweetFrog Yogurt, O’Faolains Irish Pub, Cheng’s Oriental Restaurant, Old Virginia Tobacco Co., The Good Shepherd Alliance and others.



“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. It’s unusual to find such a strong mix of national credit tenants and local/regional operators in an un-anchored center. Regal Cinemas shares the same curb cut, as do other nationals, and this has really added to the draw of Regal Center over the past decade.”

Rock Creek’s sale of Regal Center comes just two weeks after the firm sold 5185 MacArthur Boulevard, NW in Washington, DC for $14,925,000, which followed the firm’s latest acquisition of a prime development site at 7th and H Streets, NE in the District of Columbia, where Rock Creek and its joint venture partner, Cornerstone Development Group, plan to build residential condominiums with ground-floor retail space. The H Street, NE site sits directly adjacent to The Apollo, a 432-unit planned apartment project anchored by a Whole Foods Market.

Other recent and ongoing Rock Creek developments include 1100 16th Street, NW, located just a few blocks from the White House, 810 5th Street, NW in the heart of Gallery Place/Chinatown, the 88-unit Takoma Flats just off Georgia Avenue, NW and The Shelby @ Huntington Metro, a 240-unit, joint venture, ground-up development. Rock Creek currently has more than $100 million of ongoing projects in all stages of the development cycle and acquires properties both directly and through joint ventures with other operators and development partners.

About Rock Creek Property Group:
Rock Creek Property Group, founded in 2002, is a commercial real estate investment company based in Washington, DC. Its principals own a diverse portfolio of office, industrial, multi-family and retail properties in the mid-Atlantic region. Over the years, Rock Creek’s principals have acquired several hundred million dollars’ worth of commercial properties. For more information, please visit www.rockcreekpg.com.