DC-Area Retail Asset Trades for $21M
- Dec 19, 2017
Neuman Commercial Group LLC has arranged the sale of The Shoppes at Bowie Town Center, located on the eastern outskirts of Washington, D.C., for $21 million. Neuman’s Principal Gil Neuman represented the seller, Shoppes at Bowie Town Center LLC, and procured the buyer, J.A.R. New York RLT.
Located at 3811 Evergreen Parkway in Bowie, Md., the 104,000-square-foot property is a specialty retail extension of Bowie Town Center, a popular 578,000-square-foot open-air center across the street.
The extension was developed in 2004 on a 10.5-acre parcel and is 98 percent leased to 12 national and regional tenants including Five Below, Party City, Goodwill, Bank of America, A.C. Moore and Music & Arts. The neighboring Town Center tenants include Safeway, Macy’s, Sears, Best Buy, Barnes & Noble, Chipotle and Starbucks.
“We congratulate the sellers on successfully harvesting their original development after further diligent value creation, and the buyers for acquiring a modern stabilized center in a dense and growing high-income demographic,” said Neuman, in prepared remarks.
The suburban D.C. retail market will expand with the ground-up addition of a new $44.5 million grocery-anchored shopping center located in Chantilly, Va., currently under development by Regency Centers Corp.
Image via Google Street View