July 17, 2009
In an article, “Alex Brown Realty Enters JV to Purchase Retail Center,” Citybiz: Real Estate noted Kelley Drye’s representation of Spectrum Partners LLC in its acquisition of Westgate Plaza Shopping Center in Manassas, Virginia.
Spectrum, through two separate joint ventures with Alex Brown Realty and Potomac Capital Advisors, and with acquisition financing provided by Virginia Commerce Bank, purchased the 176,000 square-foot retail center from Principal Real Estate Investors. This purchase will compliment Spectrum’s “growing portfolio of retail, commercial and industrial properties.”
Spectrum Partners LLC, a privately held company established in 2006, is a joint venture of Kodiak Properties, LLC and Finmarc Management, Inc. Spectrum and its affiliates own retail, office and industrial assets located in the District of Columbia, Virginia, Maryland, Delaware and Pennsylvania totaling over 7 million square feet.