Developer Buys Prince George's County Shopping Center From Giant, Plans Renovation
Velocity Cos. announced Thursday it acquired the Giant-anchored Livingston Square shopping center in Fort Washington from Giant's real estate arm.
A Velocity spokesperson tells Bisnow it acquired the 11-acre property for $5.2M and plans to invest additional money in the renovation. KLNB represented Velocity in the deal.
Giant announced last year it plans to redevelop the 43K SF store, which originally opened in 1976. Greenbelt-based Velocity acquired the property after a competitive bidding process, it said in a statement.
The 73K SF Livingston Square shopping center at 9580 Livingston Road features the Giant plus inline retailers and stand-alone buildings with a KFC, a Taco Bell and a McDonald's. It also has two pad sites available for lease, one with 15K SF of development potential and one with 5K SF.
The Giant grocery store has closed for the renovation and plans to reopen in Q4 2021. It will feature a full-service pharmacy, a larger organic produce department and other expanded offerings.
“We are excited to partner with Velocity Companies to build an incredible new store for this amazing community,” Giant Food President Ira Kress said in a release. “Our brand-new store with state-of-the-art amenities, great food, amazing service, and an incredible customer experience reconfirms our commitment to the communities we are very privileged to serve."
Velocity Cos. in August sold a Prince George's County pad site to German grocer Lidl, and CEO Brandon Bellamy told Bisnow at the time he was looking for more opportunities to improve the food offerings in the county.
“As a Prince George’s County-based business, we are thrilled to expand our impact in our very own backyard,” Bellamy said in a release. “In addition to new retail and services, this project will bring a new and improved Giant to a community with limited grocery store options. ”