BOWIE MARKETPLACE GETS NEW OWNER
CHEVY CHASE, MARYLAND – A 40-year-old retail property in North Bowie changed hands last week for an undisclosed sum, giving shopping center leasing, management and development company JBG Rosenfeld Retail (JBGR) ownership of two retail properties totaling more than 520,000 square feet along Annapolis Road (MD Route 450), the city’s “Main Street” corridor. The company also owns Free State Shopping Center, directly across from the Marketplace, which is currently under redevelopment and scheduled for completion in 2007.
Located at Annapolis Road and Superior Lane, Bowie Marketplace is a 239,000 square-foot shopping center featuring inline retail, mini-mall, and pad site space. Currently less than 40% leased, the center is anchored by a 43,000 square-foot Safeway, and features a new, 14,000 square-foot Eckerd Drug, a Long and Foster Real Estate office, Glory Days Grill, Dry Clean Depot, Chaney Tire and Auto, plus a handful of smaller, locally owned and operated retailers.
Though no plans have been finalized for the future of Bowie Marketplace, JBGR feels the property has significant redevelopment potential. The company is considering a number of options at this point, including a pedestrian-friendly, mixed-use retail and residential development consistent with the Master Plan for Bowie. “We appreciate this market tremendously,” said JBGR Principal Jim Garibaldi, “and are assessing all of our options for what makes the most sense for the property and the residents of Bowie. Maybe it’s retail, maybe it’s a combination of retail and residential. At this point, we are performing our due diligence as to what will make the greatest impact in turning around a blighted property.”
To assist in its due diligence and assessment efforts, JBGR has engaged the services of two area firms specializing in master planning, architecture, and civil engineering: Mushinsky Voelzke & Associates (MV+A) of Bethesda, and Gutschick, Little and Weber, P.A. (GLW) of Burtonsville. MV+A’s portfolio includes a number of JBGR development and redevelopment projects including Free State Shopping Center, Woodland Park Crossing, The Royalton at 1700 Duke Street, Frederick Shopping Center, Loehmann’s Plaza, and others. “Both MV+A and GLW have significant, relevant experience in this arena, and we are confident their efforts will be invaluable moving forward,” Garibaldi stated.
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.
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