Private equity real estate investment firm, Sterling Organization, has acquired the Westgate Shopping Center retail plaza in Manassas, for $42.5 million. The Palm Beach company paid just over $247 per square foot for the 171,909 square-foot plaza located at the southeast corner of Sudley Road and Lomond Drive. The center is anchored by grocer Giant and includes national tenants CVS/pharmacy, Barnes & Noble, Total Wine, Pier 1 Imports, and Panera Bread. Built in 1964 the plaza underwent a complete renovation in 2012.
“We are pleased to add Westgate Shopping Center to our core/stabilized Sterling United Properties portfolio,” said Ed Senenman, senior managing director of investments and portfolio management for Sterling Organization. “Westgate is the most fundamentally sound property in the submarket, which should position the asset to perform well for the long term. We believe the property will always be the first choice for quality tenants looking to locate in Manassas’ Sudley Road corridor.”
