July 16, 2009
Kelley Drye’s representation of Spectrum Partners LLC was noted in a GlobeSt.com article, “Spectrum Buys Manassas Retail for $25M.”
The article discussed Spectrum Partner’s purchase, through two separate joint ventures with Alex Brown Realty and Potomac Capital Advisors, and acquisition financing provided by Virginia Commerce Bank, of Westgate Plaza Shopping Center for $25 million from Principal Real Estate Investors.
The 176,000-square-foot shopping center located in Manassas, Virginia, has a “strong tenant roster” which includes retail stores such as a Giant grocery store, Barnes & Noble Booksellers, Ruby Tuesdays and Pier 1 Imports. Last year, Kelley Drye represented Spectrum in its $108.1 million
portfolio purchase of seven retail shopping centers from Regency Center.