225,000-SF Fallsgrove Village Center Opens

ROCKVILLE, MD-The Fallsgrove Village Center will make its debut November 13 with the opening of its 150,000-sf shopping center and a 75,000-sf office structure. Developed by Lerner Enterprises, the two new complexes are part of the new 257-acre Fallsgrove master planned development, which will ultimately consist of 950,000 sf of office, research and development space; 1,530 residential units; and 150,000 sf of retail and restaurant space.

Both Village Center properties are already proving popular, as evidenced by the 57,000-sf Safeway Food & Drug that is in place to anchor the retail portion of the mixed-use project. In addition to the grocery store–which is a new Safeway prototype–the center will feature 39 other restaurant, retail and community service destinations. Lerner is handling the retail leasing, while Grubb & Ellis has the office leasing assignment.

The class A, three-story office development was not preleased, but “there is a lease out for signature on 11,000 sf,” Grubb & Ellis’s Peter C. Hill-Bryne tells GlobeSt.com. “Interest in the property has been remarkably well from the medical community, since we’re right across the street from the Shady Grove Medical Complex.” Office space under a 10-year term leases for $30.50 to $32.50 per sf.