ShopOne Centers REIT Enters DC Market
- Jan 14, 2019
ShopOne Centers REIT has purchased Eastgate Shopping Center, a 138,779- square-foot retail center in Lanham, Md. The new owner plans to reposition the property through a capital improvement program.
Giant Food, which occupies a total of 56,526 square feet, is the asset’s anchor tenant. Other notable tenants include McDonald’s, KFC, Huddle House, Drake’s Place Salon World, SoBe Restaurant and Lounge, Ernie’s Crabhouse, PhysioCare, Curves and Eastgate Liquors. Eastgate Shopping Center caters to approximately 171,000 people within a 5-mile radius and the average household income is more than $105,000.
The property is located on 11 acres at 10543-10631 Greenbelt Road, with a traffic count of roughly 40,000 vehicles per day. Neighborhood amenities include parks, accommodation options, banks, pharmacies and schools. Nearby employers include NASA, Lockheed Martin and University of Maryland.
“We are pleased to continue our growth along the I-95 corridor by capitalizing on the rare opportunity to purchase a well-located asset that is anchored by the region’s leading grocer,” ShopOne CEO Michael Carroll said in a prepared statement. “Eastgate Shopping Center marks our third acquisition in this dense, high-barrier to entry corridor and we intend to continue to scale our growth along this major roadway.”
Last November, ShopOne appointed a new vice president of leasing.
Image via Google Street View