Bethesda, MD-based REIT Saul Center Inc. purchased the outdoor shopping mall from an unidentified seller for cash and the assumption of an existing debt in the form of an outstanding $11.3-million mortgage loan. The loan carries a 6.12% interest.
Located at the intersection of St. Charles Parkway and Smallwood Dr. on a 25-acre parcel about 20 miles outside of Washington, DC, Smallwood was developed in three phases between 1978 and 1986. The shopping center is presently 89% occupied, with Safeway grocery store as the lead tenant, having recently expanded to 55,000 sf. CVS drugstore is also an anchor store, making its home in a 10,000-sf space. Other retailers include the Hair Cuttery and a Subway sandwich shop.
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