BOWIE, MD–J.A.R. New York RLT, a private family trust based in New York, has acquired The Shoppes at Bowie Town Center for $21 million. Neuman Commercial Group, led by Principal Gil Neuman represented the seller, a private Maryland developer, and procured the buyer.
The Shoppes at Bowie Town Center has, like most retail outside of the Beltway, been affected by the downturn in retail, Neuman tells GlobeSt.com. “Urban retail — meaning the inner core of DC — hasn't been affected too much in terms of cap rates but for everything outside we've seen a lowering of pricing and fewer buyers.” The junior boxes, which average about 15,000 square feet to 30,000 square feet have been most affected, he added.
“For buyers willing to look past the trend and look specifically at the intrinsic specifics of the real estate, there are potentially good opportunities out there.”
This particular family trust, he says, is expanding outside of the New York area in search of better yield.
Located at 3811 Evergreen Pkwy near the US Route 301 and 50 interchange, The Shoppes is a 104,000-square foot specialty retail extension of 578,000–square foot Bowie Town Center. It was developed in 2004 and sits on 10.5 acres; the center is 98% leased to 12 national and regional tenants.
Neuman adds that his company has another deal under contract for which it found the buyer — the CVS-anchored Goshen Plaza, in Gaithersburg., Md. “We're representing the buyer on that one.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
