We are pleased to announce the acquisition addition of Promenade at Manassas to its grocery-anchored shopping center portfolio. This 287,000-square-foot asset marks our expansion in Virginia and continues our nationwide growth in the open-air retail property sector.
The market-dominant center is anchored by an approximately 107,000-square-foot Home Depot, a tenant at the center since it was constructed in 1995, and co-anchored by a new 43,000-square-foot local international grocer, Oh! Market. The Promenade at Manassas tenant roster also features a strong mix of national retailers, including Ashley Home Furniture, Planet Fitness, The Tile Shop and Sherwin Williams. The remaining vacancy in the center provides meaningful upside potential by way of increased occupancy and cash flow.
Promenade at Manassas is located 31 miles West of Washington, D.C., at the intersection of I-66 and Sudley Road. It serves a population of nearly 179,000 with average household incomes exceeding $122,000 within a five-mile radius of the center.
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