Northpath Gets $18M Financing to Acquire Hyattsville Retail Center
Northpath Investments has secured $18.4 million in financing to acquire Metro Shops, a 160,623-square-foot retail center in Hyattsville, Md.
JLL Capital Markets facilitated a five-year, fixed-rate loan through investment firm Loews Corporation. No other loan terms were disclosed.
Developed in 2007 and located at 2900 Belcrest Center Drive, the property has a tenant roster that includes Bob’s Discount Furniture, Staples, LA Fitness, Citibank and Dunkin Donuts.
The property is adjacent to the Hyattsville Metro station. Within three miles of the property is a population of 232,150 people with an average household income of $105,598, and within one mile is more than 3,000 multihousing units and 1,000 student housing beds, according to JLL data.
Additionally, The University of Maryland’s flagship campus in College Park is 1.2 miles from Metro Shops.
“There remains ample liquidity in the market for acquisition financing of well-located retail properties that feature stable occupancy by a mix of national, regional and local tenancy,” Michael Klein, senior managing director of JLL, said in a prepared statement.
The JLL team handling the financing also included Max Custer, Brian Buglione and Benjamin Morgenthal.
Keith Loria can be reached at Kloria@commercialobserver.com.