Avondale Shops

Alexandria, VA
28,817 Square Foot Shopping Center

• Acquired: August 5, 2010
• Anchored by Dollar Tree Stores, Inc.
• YMCA of Metropolitan Washington is located in this center.
• Avondale was purchased 100% leased. In 2013, one of the original anchors, PanAm Grocery went bankrupt and abruptly ended their tenancy at the center. Even though 30% of the shopping center went dark, we saw this as an opportunity to improve both the quality of the tenancy and the center's cash flow. We succeeded in leasing the remainder of the space to national tenants at rents 15-30% higher than PanAm had been paying before. Replacement tenants include: 7-Eleven, Subway, and MetroPCS.