JLL Arranges Sale of 3 Maryland Shopping Centers
- Sep 05, 2019
JLL has closed the sale of three regional retail centers in Maryland on behalf of Washington REIT. DLC Management Corp. and Acadia Realty Trust acquired two of the properties in the Washington, D.C., suburb of Frederick, and Continental Realty Corp. assumed ownership of the third asset, a 2000-built power center in Hagerstown.
The Frederick portfolio includes the 294,718-square-foot Frederick Crossing and the 227,382-square-foot Frederick County Square. Kohl’s, Best Buy, Ross Dress for Less and Dollar Tree are among the tenants of the first asset, which is near a 60,000-square-foot office park in a trade area with more than 110,000 residents within a 5-mile radius. Walmart shadow anchors the property.
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Located on 17.6 acres at 1003 W. Patrick St., Frederick County Square is leased to a mix of retailers, including Kmart, JoAnn Fabric & Craft and Advance Auto, which occupied 92.9 percent of the property at the time of the sale. More than 78,600 residents earning an average annual household income of nearly $70,000 live within a 3-mile radius of the property.
Situated at 17850 Garland Groh Blvd., Centre at Hagerstown is just off Interstate 81. Shadow anchored by the region’s only Walmart and The Home Depot, the 331,833-square-foot property is home to Marshalls, Office Depot, Bed Bath & Beyond and PetSmart. The center was completed in 2000 and was 93 percent leased at the time of the sale.
Senior Managing Director & Co-Head of JLL’s Capital Markets Retail Practice Daniel Finkle, Executive Managing Director Stephen Conley, Managing Director John Owendoff, Director Jordan Lex and Senior Associate Kim Flores represented Washington REIT in the deals. In July, the team of brokers arranged the sale of a five-property portfolio in Northern Virginia and Maryland on behalf of the same seller.