Silver Spring’s Orchard Center Formerly Occupied By ShopRite Acquired for $16M
MCB Real Estate has acquired a 64,626-square-foot retail box formerly occupied by ShopRite in Silver Spring, Md., for $16 million from Chandler White Oak.
The property at 12028 Cherry Hill Road sits on a 5.5-acre land parcel.
KLNB’s Andy Stape, Vito Lupo, Ryan Wilner and Michael Patz joined Karson & Co.’s Arden Karson in representing the seller in the deal. KLNB also procured the buyer.
“The purchasers know the location well, it sits off of the I-95 corridor, and is good fundamental real estate,” Lupo, a member of the KLNB retail investment sales team, told Commercial Observer. “The [previous] owners bought it in 2012, and with ShopRite leaving, they were looking to monetize the asset.”
MCB Real Estate is already active along the I-95 corridor, and quickly recognized the unique opportunity this property presented.
“12028 Cherry Hill Road demonstrates the strong fundamentals that we typically look for in our acquisitions,” Drew Gorman, a principal with MCB, said in prepared remarks. “This is the sort of quality real estate we love to buy when it becomes available.”
Known as Orchard Center, the property is ranked number one for customer visits within a 5-mile radius with nearly 800,000 annual visitors, according to KLNB. Notable retail tenants include Target, Kohl’s, PetSmart, Aldi and Five Below.
The property is located off Route 29/Columbia Pike in the Silver Spring submarket within Montgomery County, one of the top 20 wealthiest counties in the U.S.
“Investor appetite for mid-Atlantic retail properties with robust traffic drivers has remained healthy despite the economic downturn brought by the pandemic,” Lupo said. “As the recovery accelerates, we expect to see a continued increase in transactional volume.”
The property is also located next to the 300-acre Viva White Oak development, a new life sciences, mixed-use village, which includes the 130-acre headquarters of the U.S. Food and Drug Administration and Adventist HealthCare Takoma Park Alternate Care Site.
In total, Viva White Oak will include 4,400 residential units; 1.9 million square feet of office, retail and commercial space; 2.2 million square feet of research and development space; 2 million square feet of educational/academic users; and a little less than 1 million square feet of medical/clinical users.