DC-Area Retail Asset Trades for $21M

Located in Bowie, Md., The Shoppes at Bowie Town Center is an 104,000-square-foot extension of a popular open-air center across the street and was built in 2004.
Bowie Town Center, Md.
Bowie Town Center, Maryland

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.

Diverse Tenants

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