Baltimore-based MCB Real Estate announced this week that it has acquired the Takoma Park Shopping Center.
The 51,205-square-foot shopping center at 8750 Arliss St. is fully leased and anchored by Giant, which occupies 45,435 square feet of the property, while Montgomery Beauty School currently utilizes 2,538 square feet and is expanding into an additional 3,000 square feet.
MCB purchased the property from an undisclosed private seller, with representation from the commercial real estate firm JLL.
The shopping center is located in a densely populated commercial area with significant daily foot traffic. According to MCB, the shopping center caters to a local population of over 226,000 daytime residents within a three-mile radius and nearly 84,500 households with an average income exceeding $117,000.
In 2023, consumer spending within the area amounted to $2.8 billion.
MCB’s Managing Partner and Co-Founder Peter Pinkard said that the firm’s strong client relationships enabled it to acquire a highly sought-after property in a region where the retail rental vacancy is at 5.2 percent, the lowest since 2008.
“The process for securing Takoma Park all started because of our close partnerships with some of the region’s most notable grocery brands,” Pinkard said. “MCB has cultivated deep trust with the grocers like Giant, and our years-long connection with them was crucial in coming to an agreement on this transaction and obtaining a very popular asset that’s poised for even greater success.”
Pinkard said that the Takoma Park Shopping Center saw more than 1.1 million consumer visits in 2023, a 3.4 percent increase over 2022. Visits are expected to climb significantly by the end of the decade with the opening of the Long Branch station of the upcoming Purple Line, which is projected to transport 70,000 people daily by 2030.
The acquisition of the Takoma Park Shopping Center follows MCB’s development of several mixed-use and retail projects, including the 280-acre, 12 million-square-foot Viva White Oak project, the 110-thousand square-foot Armory Square shopping center, and the $115 million retail and housing project, The Shops at Fairway Village.
Photo Courtesy of MCB Real Estate