ROCKVILLE, MD—B.F. Saul has acquired a 6.7-acre site at 1592 Rockville Pike near the Twinbrook Metro for $62.5 million.
The Bethesda, MD-based firm, which has been stockpiling development sites in the Rockville Pike area of late, purchased the property that now features a nearly 100,000-square-foot strip shopping center from Northwestern Mutual and the Albemarle Group.
The venture of Northwestern and the Albemarle Group secured county approvals to develop a 1.1-million square-foot mixed-use development at the property, according to the Washington Business Journal.
Northwestern Mutual retained Holliday Fenoglio Fowler LP last year to market the property and noted it has approvals for approximately 800 apartments, 89,000 square feet of retail and restaurant space, a 190-room hotel and 140,000 square feet of office space. See story in the Washington Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
