FREDERICK, MD—The Ballenger Creek Plaza shopping center here has a new owner—Washington Property Co.
The Bethesda-based firm acquired the 75,527-square-foot property for $9.5 million. The 19-year-old center is 100% leased to 13 tenants that include Wolf Furniture, Dollar General, and Anytime Fitness.
KLNB represented the seller, New York City-based Cohen Equities, in the transaction for the property located at 5830 Ballenger Creek Pike.
“Washington Property Company is excited about expanding its retail portfolio with the acquisition of Ballenger Creek Center,” says WPC president Charles K. Nulsen, III. “We plan to renovate and reposition this neighborhood center in the growing submarket of southwestern Frederick.”
In May, Washington Property Co. sold a 13.54-acre parcel of land in Loudoun County, VA to Pulte Homes for $11.5 million. WPC successfully rezoned the land from commercial to residential use and Pulte intends to build 95 townhomes on the site.
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