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Northpath Investments has bought Metro Retailers, a 160,623-square-foot retail heart in Hyattsville, Md. Washington Metropolitan Space Transit Authority bought the asset for $26.3 million, based on CommercialEdge information.
Lowes Corp. supplied $18.4 million in acquisition financing, whereas JLL Capital Markets represented Northpath within the deal and secured the five-year and fixed-rate mortgage.
The tenant roster at Metro Retailers features a various mixture of nationwide and regional retailers comparable to Bob’s Low cost Furnishings, Staples, LA Health, Citibank and Dunkin Donuts.
Positioned at 2900 Belcrest Middle Drive, the retail heart is close to Route 1, which permits direct entry to downtown Washington, D.C. Metro Retailers serves roughly 232,150 people inside a 3-mile radius, with the typical family revenue at $105,598. In response to JLL, the buying heart is in an space the place the visitors rely reaches round 40,000 automobiles per day.
Metro Retailers additionally advantages from its adjoining location to the Hyattsville Metro Station and its proximity to The College of Maryland’s campus. There are roughly 3,000 residential items and 1,000 scholar housing beds inside a 1-mile radius.
Senior Managing Director Michael Klein, Director Max Custer, Senior Director Brian Buglione and Analyst Benjamin Morgenthal led the JLL Capital Markets Debt Advisory group engaged on behalf of the borrower.
The retail sector confirmed resilience all through final 12 months. Naveen Jaggi, president of retail advisory providers at JLL, informed Business Property Govt that regardless of considerations over inflation and excessive rates of interest, retail gross sales proceed to develop.
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