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JCR Snags Two Maryland Retail Centers for $24M
Bel Air Town Center
Washington D.C.-based JCR Cos. has acquired two Maryland shopping centers for $23.8 million. The centers include Woodley Gardens Shopping Center in Rockville and Bel Air Town Center in Bel Air.
Woodley Gardens is located at 1101-1125 Nelson Street and is a 22,797-square-foot center built in 1969. The center traded for $4.5 million and is currently fully leased to 13 tenants including Hard Times Café, Essex Bank, Slice of Rockville, Carmen’s Ice Cream, and Shanghai Taste. Bel Air Town Center is a 95,229-square-foot strip center that traded for $19.3 million. Tenants at the strip center include Chili’s, Taco Bell, FedEx Office, and local restaurants Liberatore’s and Barrett’s. The town of Bel Air is located approximately 30 miles northeast of Baltimore.
“We are excited to add two additional infill shopping centers to our portfolio this year, and we’re thrilled to execute the transactions in this difficult environment,” said Joe Reger, principal at JCR. “We continue to be bullish on diverse neighborhood retail with limited soft goods exposure.”
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
