The JCR Companies has acquired Manokeek Village Shopping Center in Accokeek, MD, just ten minutes from the Washington, DC Beltway, for $22 million. The seller was Klaff Realty.
This 90,172 square foot grocery-anchored shopping center is located at the heavily traveled intersection of Manny and Berry Roads in Prince George’s County, MD, with a traffic count of 90,000 vehicles per day. It is just minutes from two major commuter corridors, Indian Head Highway and Route 301. More than 15,000 people with an average household income of almost $135,000 live within a three-mile radius of the shopping center.
Anchored by Giant Food, Manokeek Village is more than 90 percent leased to a total of 11 credit and local/regional retailers including 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 financed the pad sites. With this flexible arrangement, JCR plans to sell the pad sites and maintain long-term ownership of the inline space.
“We are thrilled to add Manokeek Village Shopping Center to our portfolio,” said Joe Reger, Principal, The JCR Companies. “We like the fundamentals of Southern Maryland, with substantial new housing starts and no new retail development planned for the foreseeable future.”
JCR’s near-term plans including splitting a currently vacant 5,000 SF space into three smaller spaces, which can then be leased along with an additional 2,000
SF of vacancy.
Founded in 2009, JCR continues to be one of the most prolific buyers of urban and suburban retail and mixed-use properties in the Washington, DC metropolitan area. JCR’s growing portfolio focuses on the area’s core submarkets including Dupont Circle, Logan Circle, Capitol Hill, Old Town Alexandria, Georgetown, and several fast-growing suburbs. For more information, visit http://jcrcompanies.com/.