Burlington Signs Lease at Newly Upgraded Retail Center
Burlington, a national clothing retailer, has signed a 35,000-square-foot lease at Largo Town Center, a 280,000-square-foot retail hub in Upper Marlboro, Md., in Prince George’s County.
The center’s owner, Finmarc Management, Inc., acquired the property in January 2019 for $43.95 million and spent $1 million upgrading it.
“Both national and local retailers have embraced the in-fill location near the Capital Beltway, surrounded by dense neighborhoods and growing daytime population,” Sean Sullivan, Finmarc Management’s vice president, told Commercial Observer. “The center is located in the path of regional development, including a medical center and new homes coming to the market.”
Additionally, Foot Locker and Rock & Toss Crab House both recently took space at Largo Town Center, with the former opening last month and the latter expected to open this fall.
Finmarc credited its nearly $350,000 award from the Prince George’s County Commercial Property Improvement Program, used for the upgrades, as playing an important role in the recent leasing success.
“Competition for compelling new retail uses in the Prince George’s County region remains fierce, so it is extremely important to maintain a first-class environment to provide differentiation among the available shopping venues,” Sullivan said.
The renovations included the installation of state-of-the-art LED lighting throughout the parking lot, the milling and repaving of the parking lot, and the façade enhancement of the former 70,000-square-foot Regency Furniture store space that is being backfilled by Burlington.
“Consistently strong-performing anchors such as Marshalls, Shoppers and Dollar Tree illustrate a great story for other national retailers looking for new locations,” Sullivan said. “Our investment in significant property upgrades haselevated Largo Town Center to best-in-class status and enabled us to execute major leases this year.”
Located at 950 Largo Center Drive, the center is anchored now by Burlington, Marshalls, Shoppers Food Warehouse, Advanced Auto and Dollar Tree. It also has 35 tenants representing a mix of retail and fast-casual and sit-down restaurants.
Andy Segall of the Segall Group represented Burlington in the lease. KLNB Retail’s Matt Skalet and Cooper Henry handled the leasing for the landlord.
A 35,000-square-foot space remains available for lease.