NEWS

The JCR Companies of Washington, DC has acquired two Maryland shopping centers for approximately $23.8 million, adding to its growing portfolio of the urban and suburban retail properties in six states and the District of Columbia. Woodley Gardens Shopping Center in Rockville, MD and Bel Air (MD) Town Center are JCR’s 11^th and 12^th retail center acquisitions over the last eight years.

Woodley Gardens is located at 1101-1125 Nelson Street in the Washington, DC suburb of Rockville. Situated adjacent to I-270, it is highly visible to over 200,000 vehicles per day. Built in 1969, the 22,797 square foot center was acquired in an off-market transaction for $4.5 million, financed by Hingham Institute of Savings. It is 100 percent leased to 13 tenants including: Hard Times Café, Essex Bank, Slice of Rockville, Carmen’s Ice Cream, and Shanghai Taste. JCR plans a substantial exterior renovation over the coming year.

JCR acquired Bel Air Town Center for $19,332,805. H&R Retail represented the seller.  This 95,229 SF strip center is located in an affluent submarket at the intersection of US Route 1 and MD Route 24, surrounded by other shopping destinations including Macy’s, Sears, Target, Home Depot, Best Buy, PetSmart, Barnes & Noble, and Bed, Bath, and Beyond. Bel Air Town Center’s tenants include Chili’s, Taco Bell, FedEx Office, and local restaurants Liberatore’s and Barrett’s. JCR plans to lease the center’s vacant spaces and sell off pad sites. The town of Bel Air is located about 30 miles northeast of Baltimore and about an hour’s drive from Wilmington, DE.

“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 JCR Principal Joe Reger. “We continue to be bullish on diverse neighborhood retail with limited soft goods exposure.”

“We realize there will be further pain in the short term, especially with sit-down restaurants and fitness uses,” Reger continued. “But we have no doubt that retail will bounce back strongly post-pandemic. For these reasons, we are still in expansion mode, and actively looking for additional shopping center acquisition opportunities in the mid-Atlantic region, as well as urban and suburban retail assets nationwide.”

Washington, DC-based JCR is one of the most prolific buyers of urban and suburban retail and mixed-use properties in the national capital region. JCR’s growing portfolio focuses on the area’s core submarkets including Dupont Circle, Logan Circle, Capitol Hill, Old Town Alexandria, Georgetown, and several fast-growing suburbs. For more information, visit the company’s newly revamped website at www.jcrcompanies.com.