Business Services Industry
Virginia power center
Real Estate Alert, March 3, 2004
Development firm Crescent Resources will exercise its option buy the 587,000-sf Potomac Yard Retail Center for $94 million. The Alexandria, Va., power center is being sold by Commonwealth Atlantic Properties, which is backed by Lazard Freres' LF Strategic Realty Investors I fund. The center is part of the 300-acre Potomac Yard development.
Lazard assumed the site in 1996 through its acquisition of RF&P (formerly known as the Richmond, Fredericksburg & Potomac Railroad) from Virginia Retirement. Lazard then changed RF&P's name to Commonwealth Atlantic.
COPYRIGHT 2004 Harrison Scott Publications, Inc.
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