{"id":1004153083,"date":"2016-09-21T23:26:03","date_gmt":"2016-09-22T07:26:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004153083"},"modified":"2020-05-11T03:18:41","modified_gmt":"2020-05-11T11:18:41","slug":"rpai-to-buy-slice-of-dc-area-mixed-use-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rpai-to-buy-slice-of-dc-area-mixed-use-asset\/","title":{"rendered":"RPAI to Buy Slice of DC-Area Mixed-Use Asset"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/p>\n

\"One<\/a>

One Loudoun Downtown, Washington, D.C.<\/p><\/div>\n

Washington<\/strong>\u2014Retail Properties of America Inc.<\/a> has entered into an agreement to purchase, for roughly $163 million, One Loudoun Downtown, a retail\/office development in Ashburn, Va., in metro Washington, D.C., RPAI announced Tuesday. The sellers are Miller & Smith<\/a> and North America Sekisui House LLC<\/a>, which will continue to be the master developers for the 360-acre One Loudoun mixed-use project.<\/p>\n

The acquisition will be closed in phases, with the first phase, representing a purchase price of up to $125 million, expected to close by the end of this year. The remaining phases, representing an additional price of up to $38.1 million, are expected to close throughout the first three quarters of 2017, as the sellers complete construction on stand-alone buildings at the property.<\/p>\n

RPAI did not respond to Commercial Property Executive<\/a><\/em>\u2019s request for additional information.<\/p>\n

The retail portion of One Loudoun Downtown is anchored by Alamo Drafthouse Cinema, The Fresh Market, Great Gatherings and The Fitness Equation, and includes a mix of fast-casual and sit-down restaurants. The first phase consists of 236,800 square feet of retail and 105,200 square feet of office space, which are 85.6 percent occupied and 89.7 percent leased.<\/p>\n

The remaining phases are under development and expected to contain approximately 78,300 square feet of retail and 46,300 square feet of office space, which are 71.0 percent leased.<\/p>\n

Entitled for residential, hospitality, retail and office uses, One Loudoun encompasses one of the nation\u2019s most affluent and well-educated zip codes. The population of 182,000 within a 5-mile radius reportedly boasts an average household income of $142,000.<\/p>\n

\u201cThis acquisition augments our significant footprint in the Washington, D.C., market and will allow us to leverage our local knowledge and considerable mixed-use experience to continue to transform the property into Loudoun County\u2019s premier shopping and entertainment destination,\u201d Shane Garrison, RPAI Executive Vice President, COO & CIO, said in a prepared statement.<\/p>\n

Overall, One Loudoun currently is slated to consist of 1,040 residences, including single-family homes, townhomes and multi-family units; 3 million square feet of Class A office space, including the future home of the World Trade Center Dulles Airport; 702,000 square feet of retail; and 150 acres of public land and green space. Recreational amenities reportedly will include a community center, amphitheater, pocket parks and miles of walking trails.<\/p>\n

Another component, a 5,500-seat stadium, was to have been home to the Loudoun Hounds minor-league baseball team and the Virginia Cavalry FC of the North American Soccer League, but neither the teams nor the stadium came to fruition.<\/p>\n

Last March, CPE reported on Gramercy District<\/a>, a planned $500 million, tech-centered mixed-use development that is set to break ground next year in Loudoun County.<\/p>\n","protected":false},"excerpt":{"rendered":"

One Loudoun Downtown in Ashburn, Va., is set to change hands for $163 million.<\/p>\n","protected":false},"author":882,"featured_media":1004153085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,11,21742,21749,1615],"tags":[],"class_list":["post-1004153083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-midatlantic","category-latest","category-retail","category-washington-dc"],"acf":[],"yoast_head":"\nRPAI to Buy Slice of DC-Area Mixed-Use Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rpai-to-buy-slice-of-dc-area-mixed-use-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RPAI to Buy Slice of DC-Area Mixed-Use Asset\" \/>\n<meta property=\"og:description\" content=\"One Loudoun Downtown in Ashburn, Va., is set to change hands for $163 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rpai-to-buy-slice-of-dc-area-mixed-use-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-22T07:26:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T11:18:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/oneloudoun.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"531\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-to-buy-slice-of-dc-area-mixed-use-asset\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-to-buy-slice-of-dc-area-mixed-use-asset\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"RPAI to Buy Slice of DC-Area Mixed-Use Asset\",\"datePublished\":\"2016-09-22T07:26:03+00:00\",\"dateModified\":\"2020-05-11T11:18:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-to-buy-slice-of-dc-area-mixed-use-asset\\\/\"},\"wordCount\":454,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-to-buy-slice-of-dc-area-mixed-use-asset\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/09\\\/oneloudoun.jpg\",\"articleSection\":[\"Deals\",\"Featured\",\"Investment\",\"Mid-Atlantic\",\"News\",\"Retail\",\"Washington D.C.\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-to-buy-slice-of-dc-area-mixed-use-asset\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-to-buy-slice-of-dc-area-mixed-use-asset\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-to-buy-slice-of-dc-area-mixed-use-asset\\\/\",\"name\":\"RPAI to Buy Slice of DC-Area Mixed-Use Asset - 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