OXON HILL, MD-Last month the Eatontown, NJ-based Wharton Group acquired Rivertowne Commons here for $58.8 million. The company bought the 384,000-square foot retail complex from The Peterson Cos., after watching the company turn the property around, according to Isaac D. Massry, one of the principals of the family-founded firm.
"Peterson has done a lot to change the tenant mix and the security at the retail center has improved considerably," he tells GlobeSt.com. Also, Oxon Hill's fundamentals are changing and the Wharton Group believes they will continue to favorably evolve.
"We liked the tenant mix and the location, with its close proximity to DC and the National Harbor," he says. Another plus is the proposed casino in Oxon Hill. There is also upside potential with great outparcels, he adds.
The Wharton Group also owns the Westview shopping center in a Baltimore submarket--the only other asset it has in the Washington DC area. It acquired that retail center from the Peterson Cos. in 2007 for around $60 million. "We would love to add more to our portfolio," Massry says. "But it can be difficult to break into the DC MSA."
CBRE's Bill Kent and Gary Lawrence represented the company in the transaction.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
