Rockville Shopping Center Anchored By New Trader Joe's Sells For $52M
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CBRE's Ryan Sciullo and Bill Kent represented Finmarc in the deal, while Kelley, Drye & Warren provided legal services.
The sale follows Finmarc's 2015 acquisition of the 1980s-era shopping center for $22.4M, property records show. The firm in 2016 signed Trader Joe's to a 13K SF lease, and the grocer opened last September.
The 61,500 SF shopping center sits at the intersection of Darnestown Road and Travilah Road, less than 3 miles from Interstate 270.
Working with KLNB's Matt Skalet, Finmarc launched an extensive renovation of the property after its acquisition that included facade improvements and the demolition of a free-standing Burger King. It replaced the fast-food restaurant with a new building that Trader Joe's now occupies.
The shopping center welcomed new restaurants Flower Child and Café Rio in 2018. Its tenants also include Ledo Pizza, Pholuscious Vietnamese Grill, Victoria Nails Salon, Banfield Pet Hospital and Title Boxing Club.
"This significant value-add sale validates our team's belief in the strong upside potential for Travilah Square Shopping Center following the execution of an aggressive leasing and property improvement strategy," Finmarc principal David Fink said in a release.
Some of the proceeds from the sale could go toward a new multifamily project Finmarc is planning in Rockville. The company filed a development application this month in partnership with EYA to build a 500-unit project consisting of senior housing, apartments and townhouses near the intersection of Fortune Terrace and Seven Locks Road.