Citi Refinances Maryland Retail Center
By Cathy Cunningham September 10, 2019 5:59 pm
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Wharton Realty Group has landed a $65 million loan from Citigroup (C) for Rivertowne Commons, a 384,000-square-foot shopping center in Oxon Hill, Md., Commercial Observer has learned.
Newmark (NMRK) Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Seth Hall negotiated the fixed-rate refinancing.
Target recently inked a long-term lease at the property — at 6127 Oxon Hill Road — which is anchored by a Safeway grocery story and an AMC movie theater.
“With newly signed Target bringing occupancy to almost 100 percent, the property will benefit from long-term tenancy with a solid base of investment grade tenancy,” Stolly said.
Presently, the asset is leased to 46 tenants that including Staples, IHOP, Rainbow and The Children’s Place.
“Located just 15 miles outside of Washington D.C., nearby National Harbor, the property offers over 2,000 feet of frontage along a major thoroughfare in a tight retail market,” Roeschlaub said.
Eatontown, N.J.-based Wharton manages a portfolio of more than 30 properties comprising 6 million square feet of office and retail space across 12 states. Other retail properties in the company’s portfolio include the Seaview Square shopping center in Ocean Township, N.J., Westview Center in Baltimore, Md., and One & Olney Square in Philadelphia.
