Commercial real estate brokerage firm Marcus & Millichap on Tuesday announced the sale of ground-leased interest in Manassas Junction, the H Mart-anchored shopping center at 8805 Centreville Road.
The asset sold for $10,225,000, Marcus & Millichap said in a news release.
“This was a unique transaction as a land-lease sale. The result was a cap rate well under 4%, which is quite rare in the current environment,” said Dean Zang, executive managing director at Marcus & Millichap in Washington, D.C., who led the transaction. “We had tremendous investor interest in the offering, however, many found it complicated to value. There was not much transparency on the property’s rent roll, and interest rates effectively required this to be an all-cash purchase. That’s not an easy investor to locate at the price point in question.”…