JCR Buys Southern Maryland Shopping Center for $22M
- Feb 16, 2015
JCR Cos. continues to expand its D.C.-area portfolio of retail properties. Its latest acquisition is the Manokeek Village Shopping Center in Accokeek, Prince George’s County. The company paid $22 million to buy it from Klaff Realty.
The Manokeek Village Shopping Center is located at the intersection of Manny and Berry roads. The 90,172-square-foot shopping center is anchored by Giant Food. According to JCR, the property was 90 percent leased at the time of the sale, to a total of 11 tenants, including Starbucks, Wendy’s Advance Auto, SunTrust Bank and 7-Eleven. JCR said the property includes additional land approved for development of as much as 50,000 rentable square feet of commercial space.
Cantor Commercial Real Estate provided financing for the inline retail space, while Eagle Bank financed the pad sites. The new owner will sell the pad sites and keep the inline space. Its immediate plans for the property include splitting a currently vacant space of 5,000 square feet into three smaller pieces and leasing them along with an additional 2,000 square feet of vacant space.
JCR’s portfolio includes other retail properties in Dupont Circle, Logan Circle, Capitol Hill, Old Town Alexandria, Georgetown and several fast-growing suburbs. Last year, the company purchased 51,800 square feet of retail space at Lorton Station Town Center for $13.8 million.
Photo credit: JCR Cos.