Hagerstown, Md. — Continental Realty Corp. (CRC) has sold Centre at Hagerstown, a shopping center located in northern Maryland, for $36.3 million. JLL brokered the transaction. CRC purchased the 292,000-square-foot shopping center in 2019 for $23.5 million and has since sold nine of the center’s 10 freestanding pad sites for a total of $16.1 million. Centre at Hagerstown was roughly 97 percent leased at the time of sale to tenants including Burlington, Crunch Fitness, HomeGoods, Marshalls, PetSmart, Regency Furniture, 2nd & Charles and Party City.
Forestville, Md. — DLC and Meadow Partners have purchased Penn Mar Shopping Center, a 378,205-square-foot retail center in the Washington, D.C. suburb of Forestville, from an undisclosed seller for $68.5 million. Apollo and Athene provided an undisclosed amount of acquisition financing for the deal. Shoppers Food Warehouse, which recently extended its lease and fully renovated its store, anchors the property. Other tenants at the center include Burlington, Ross Dress for Less, Dollar Tree, Petco and Foot Locker. The property also includes outparcel pads occupied by tenants including Starbucks Coffee, Truist …
Frederick, Md. — Finmarc Management Inc. has purchased Riverview Plaza, a 185,275-square-foot shopping center in Frederick, for $30 million. Ryan Sciullo and H. Casey Benson Smith of CBRE represented the seller, a joint venture between Edens and JPMorgan Chase & Co., in the transaction. Built in 1998 on 23 acres, Riverview Plaza is located approximately 40 miles outside Washington, D.C. The shopping center was 95 percent leased at the time of sale to 10 retailers, including T.J. Maxx, PetSmart, Michaels, Staples, Sierra and Old Navy.
Forestville, Md. — Marcus & Millichap has brokered the $7.4 million sale of Penn Forest Shopping Center, a 37,425-square-foot retail center located in Forestville. Tenants at the property include Dollar General and CSL Plasma. Dean Zang, David Crotts and Jeffrey Pensak of Marcus & Millichap represented the seller, an affiliate of Woodmont Properties, in the transaction. Eastern Union and an undisclosed bank lender provided acquisition financing to the buyer.
Greensboro, N.C. — Tanger has announced an expansion of its partnership with Sephora, which will bring the beauty retailer to five additional Tanger properties this year. Averaging 5,000 square feet, the stores will be located in Charleston, South Carolina; Deer Park, New York; National Harbor, Maryland; Palm Beach, Florida; and Glendale, Arizona. Sephora is currently open at Bridge Street Town Centre in Huntsville, Alabama, which Tanger acquired in late 2023.
Silver Spring, Md. — MCB Real Estate has unveiled plans to develop VIVA White Oak, a 280-acre mixed-use project anchored by healthcare space in Silver Spring, approximately six miles north of downtown Washington, D.C. Plans call for 3 million square feet of lab, office, research and medical space; 525,000 square feet of retail; 3,000 square feet of hotel space; 75,000 square feet of senior living; 4,500 private residences; and 85 acres of open space. MCB is currently working with stakeholders and public officials to refine the specifics, but the healthcare component …
Silver Spring, Md. — Six new food-and-beverage concepts have signed leases to join Commas, a 13,000-square-foot food hall currently underway at Ellsworth Place shopping center in Silver Spring. 6 Skewers, The Champs Kitchen, Claude Have Mercy, Momo Hub, Nim Ali and Café Antigua by Nim Ali will join the food hall, which will feature 11 total stalls. Openings are scheduled to begin this summer. GBT Realty Corp. owns and operates Ellsworth Place, which totals 350,000 square feet.
Prince Frederick, Md. — MCB Real Estate and Generation Properties have broken ground on Armory Square, a 110,000-square-foot shopping center located in Prince Frederick, roughly 44 miles southeast of Washington, D.C. The site is situated on 12.5 acres that once housed Calvert Middle School. Tenants at the center will include Aldi, Michaels, Sneade’s Ace Home Center, Dash-In, First Watch, Jersey Mike’s, Hangry Joe’s, Always Ice Cream, Foster’s Grille and Quickway Hibachi.
Hagerstown, Md. — Continental Realty Corp. (CRC) has signed Crunch Fitness to a 30,973-square-foot retail lease in Hagerstown, a suburb of Washington, D.C. The fitness concept will backfill a former Bed Bath & Beyond space at Centre at Hagerstown, a nearly 300,000-square-foot regional shopping center located at 17850 Garland Groh Blvd. The lease brings the occupancy rate of the shopping center to 97 percent. Melissa Sweeney of CRC, along with Matt Copeland and Michael Patz of KLNB Retail, represented the landlord in the lease deal. Ryan Wilner of KLNB Retail …
Bowie, Md. — NAI Michael Cos. will develop South Lake Marketplace, a 600,000-square-foot mixed-use project within the $1.3 billion South Lake development underway in Bowie. Karington LLC, an affiliate of NAI Michael Cos., owns South Lake, which also features residential units being developed by Chesapeake Realty Partners. A grocer will anchor the Marketplace property, which will also feature other retail, restaurant, sports entertainment and hospitality concepts. The development will be situated adjacent to Liberty Sports Park, which features 10 professional sports fields and attracts 344,000 tournament attendees annually, according to NAI …