SOURCE: American Realty Advisors

American Realty Advisors

July 20, 2011 20:30 ET

American Realty Advisors Announces the Acquisition of Grocery-Anchored Shopping Center in Prestigious Washington, D.C. Submarket

GLENDALE, CA--(Marketwire - Jul 20, 2011) - American Realty Advisors announced today the acquisition of Alexandria Commons, a 145,273 square foot Class A grocery-anchored community retail center in Alexandria, Virginia. Situated on 12.5 acres in the prosperous Alexandria submarket of the Washington, D.C. metropolitan area, the retail center is conveniently located at the highly-trafficked intersection of Duke Street and Yale Drive, contributing to its excellent visibility and accessibility. Michael Gorsage with H&R Retail Inc. represented the seller in the transaction. The acquisition was completed on behalf of one of American's commingled real estate funds.

With over 215,000 people living within a three-mile radius, Alexandria Commons benefits from its location in an affluent and densely populated supply-constrained trade area. The asset is anchored by the top grocer in the metropolitan area, Giant Food & Pharmacy, along with a strong roster of nationally and regionally branded tenants including Staples, Panera Bread, Starbucks, Lone Star Steakhouse and The UPS Store, all of which have contributed to the property's long history of high occupancy, tenant retention and stable tenant sales and rents.

"The revival of consumer spending nationally and especially in the Alexandria area makes a well-leased and strongly-anchored asset like Alexandria Commons an excellent opportunity to capitalize on the increasing growth expected in this premier Washington, D.C. submarket. This is exactly the type of high-quality retail asset American looks to acquire nationwide for our client portfolios," stated Kirk Helgeson, American's EVP/Executive Managing Director, Investments.

American Realty Advisors, a California corporation, is an SEC-registered investment advisor under the Investment Advisers Act of 1940, as amended, and a leading provider of real estate investment management services to institutional investors. With approximately $3.7 billion* in assets under management, American has provided innovative real estate solutions to institutional investors for over 23 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, retail and other properties nationwide. More information regarding American can be found online at www.americanreal.com.

Forward-Looking Statements: This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are statements that do not represent historical facts and are based on our beliefs, assumptions made by us, and information currently available to us. Forward-looking statements in this press release are based on our current expectations as of the date of the release, which could change or not materialize as expected. Actual results may differ materially due to a variety of uncertainties and risk factors. Except as required by law, we assume no obligation to update any such forward-looking statements.

*Assets under management represent gross market value of all assets and accounts managed by American Realty Advisors as of March 31, 2011 which includes cash and cash equivalents and excludes partners' share of equity and debt on partnership investments.

Contact Information

  • Contact:
    Jay Butterfield
    818/409-3243

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