Bethesda, Maryland- based Saul Centers— operates and manages a real estate portfolio of 34 community and neighborhood shopping center and office properties, bought a shopping complex in Rockville. Metro Pike Center, the shopping complex was acquired by Saul Centers for $33.25 million.
A Washington, DC- based real estate company, Holladay Corporation sold the 63,886 square feet shopping complex for $496 per square foot to Saul Center, and according to the press release by its representative— Holliday Fenoglio Fowler, Saul Centers will assume the property’s $16 million mortgage.
Holladay Corporation previously had a redevelopment plan on the property— into a mixed-use project with an 11-story retail and office building, plus an underground parking and a 13-storey residential building.
But, the redevelopment plan is too big, according to White Flint Sector Plan, which is approved in 2010.
Montgomery County, Maryland planners anticipate the new sector zoning to produce a new urban White Flint, which will be friendly to pedestrians walking from and to the nearby White Flint Metro station.
Saul Centers acquired another strip mall the east side of the road in October 2010 for $15.5 million, and has a long-term planned 10-story commercial building project on the property.
According to Dek Potts of HFF, the shopping complex is located in a walk-able urban destination because of the recently approved White Flint sector plan.
Major tenants in the shopping complex includes McDonald’s pad site, Domino’s Pizza, Verizon, David’s Bridal, FedEx Kinko’s, and to other 22 tenants and is 87 percent leased.
Metro Pike Center, the shopping complex is located at 11520 Rockville Pike and only a two-minute walk from the Metro Station.