ACCOKEEK, MD—Washington, DC-based JCR Cos. has acquired Manokeek Village Shopping Center, in Accokeek, MD, for $22 million. The seller was Klaff Realty.
Manokeek Village Shopping Center is a 90,172-square foot grocery-anchored shopping center in Prince George's County, MD. Giant is the anchor tenant; in total the retail center is more than 90% leased to 11 retailers Starbucks, Wendy's Advance Auto, SunTrust Bank, and 7-Eleven. The property includes additional land approved for development of up to 50,000 rentable square feet of commercial space.
Cantor Commercial Real Estate provided financing for the inline retail space, while Eagle Bank underwrote the pad sites. JCR plans to sell the pad sites and maintain long-term ownership of the inline space.
The company likes the fundamentals of the southern Maryland region, says Joe Reger, principal of JCR Cos. There are substantial new housing starts underway – but no new retail development planned for the foreseeable future.
Its immediate plans for the acquisition include splitting a currently vacant 5,000-square foot space into three smaller spaces for lease, along with an additional 2,000-square feet of other vacancy.
Last year JCR acquired 51,800 square feet of retail at Lorton Station Town Center for $13.8 million, as well as the building at 1522 14th St., NW which houses locally owned specialty shop Cork & Fork, for a total of $16 million.
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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.
