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CVS Increases Space in College Park Shopping Center

COLLEGE PARK, MD-With a vacancy left open by McDonald's exit, CVS increases its space from 10,000 sf to 12,000 sf at College Park Shopping Center. The 50-year-old, 90,000-sf retail center has long been leased to maximum capacity.

By Barbra Murray | Updated on September 15, 2003

COLLEGE PARK, MD-The 100% leased, 90,000-sf retail destination at Baltimore Ave. and Hartwick Rd. known as College Park Shopping Center has gotten an expanded commitment from ever-growing retail and pharmacy chain CVS, as the store increases its space by 2,000 sf to 12,000 sf in the half-decade-old center. A vacancy by McDonald’s opened up the opportunity for the store’s growth. Terms of CVS’s expansion deal are not being disclosed but, according to NAI Direct, the average asking price for neighborhood service centers in suburban Maryland ranges from $17 per sf to $24 per sf.

“College Park Shopping Center has weathered a lot of changes since it first opened, but CVS’ presence at the center has remained constant through it all,” notes JBG Rosenfeld Retail principal Rob Rosenfeld. JBGR handles leasing activity at the property. “We attribute CVS’ staying power to a number of factors, including the continued presence of the University of Maryland community, great visibility from one of the main arteries in Prince George’s County, and multiple lease extensions and store expansions for increased product offerings and display area.”

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