CHEVY CHASE, MARYLAND – Shopping center leasing, management, and development company JBG Rosenfeld Retail (JBGR) recently finalized another lease for its Pike Center Shopping Center on Rockville Pike, this time with existing tenant United Bank.  The lease for nearly 4,000 square feet of space comes on the heels of two, long-term leases secured with M&T Bank and Jared the Galleria of Jewelry for retail space still to be constructed, and will result in the relocation of the bank to an inline space approximately 1,500 square feet larger than its current pad building.  The new space also will feature a walk-up teller window and ATM for added customer convenience.

 The relocation of United Bank is just one component of a larger effort on tap to partially redevelop Pike Center.   JBGR’s redevelopment efforts also will include the construction of two, new pad buildings for M&T Bank and Jared to front Rockville Pike, as well as a façade update, new pylon sign, and improvements to the parking area to include new curbs and gutters, lighting, landscaping, and repaving.

“Since our acquisition on Pike Center in 2006, it has been our intention to enhance the value of the center for Rockville and the surrounding communities,” said JBGR Executive Vice President Bob Schwenger.  “The forthcoming changes to the center will produce a much-needed facelift, while increasing services for the area residents, both of which result in value enhancement to our portfolio and the community.”  JBGR currently is in the approval and permitting process, and anticipates commencing construction within the next 60-90 days.

Dually headquartered in Washington, DC, and Charleston, WV, United Bankshares, Inc. is an $8.1 billion bank holding company operating branch locations throughout the metropolitan Washington area, West Virginia, and Ohio, under the name United Bank.  Currently, there are nine United Bank locations in Maryland.

Acquired by JBGR in October 2006, Pike Center Shopping Center is a 74,000 square-foot community shopping center anchored by Office Depot, TGI Fridays, and CiCi’s Pizza.  The center, originally built in 1964, fronts Rockville Pike, but also is accessible via Bou Avenue.  With Pike Center, JBGR and its affiliates own a total of seven properties in Montgomery County, including 11503 Rockville Pike, Twinbrook Square, and Loehmann’s Plaza, as well as Montgomery Village Plaza in Gaithersburg, and North Bethesda Market and Twinbrook Station, both under development.  In addition, JBGR handles the leasing activity for six other retail sites in the county, for a grand total of nearly 1.4 million square feet of gross leasable area.

Based in Chevy Chase, Maryland, JBG Rosenfeld Retail specializes in the leasing, development, acquisition, construction, and management of retail properties throughout the mid-Atlantic region.  Currently, JBGR holds more than 30 shopping centers, nine freestanding store sites, and numerous mixed-use retail sites in its portfolio.  For more information on the full scope of the company’s services, call (301) 657-0700 or visit www.jbgr.com.