Aggregate Real Estate Investors Buys Maryland Retail Plaza for $28M
Aggregate’s founder previously worked for the plaza’s seller, Rosenthal Properties
By Nick Trombola July 17, 2024 5:46 pm
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Greg Jacobsen’s Aggregate Real Estate Investors has purchased a retail plaza in the Washington, D.C., area from none other than Jacobsen’s former employer.
Aggregate acquired the plaza, dubbed Montrose Shopping Center, in Rockville, Md., from Rosenthal Properties for $28 million, according to the Business Journal. Jacobsen most recently served as executive vice president and director of acquisitions for Rosenthal, and left the company last year to form Aggregate.
Aggregate partnered on the deal with Maisel Development, as well as private investors Leo Choi and Farhat Cheema. It is Jacobsen’s first D.C.-area purchase since forming Aggregate, according to the Business Journal.
The plaza is at 5520 Randolph Road, about 12.5 miles northwest of Downtown D.C., and features a range of tenants, such as Mom’s Organic Market, Planet Fitness, Kpot Korean BBQ and Hotpot and vegan restaurant Shouk.
Neither Jacobsen nor a representative for Rosenthal immediately responded to requests for comment.
Jacobsen’s firm isn’t the only one to purchase a Maryland shopping center in July so far.
Bethesda-based Finmarc Management got its hands on Riverview Plaza in Frederick for $30 million earlier this month. It’s now the second Frederick-area plaza in Finmarc’s growing portfolio after it purchased the neighboring Frederick Corporate Park for $40 million in 2020.
Meanwhile, a $115 million mixed-use development project is underway in Waldorf, Md., on the South end of D.C. A joint venture between MCB Real Estate and Generation Properties plans to build 186 residential units and 120,000 square feet of commercial space at the property, set to open at the end of next year.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
