NEW YORK, Feb. 21, 2024 (GLOBE NEWSWIRE) — Northpath Investments (“Northpath”) is pleased to announce the successful acquisition of MetroShops, a prominent 160,623-square-foot retail center located in the Washington, D.C. suburb of Hyattsville, Maryland. In conjunction with the acquisition, Northpath was able to secure a favorable fixed rate loan through Loews Corporation.
Built in 2007, MetroShops boasts a diverse tenant mix featuring nationally and regionally recognized brands such as Bob’s Discount Furniture, Staples, LA Fitness, Citibank, and Dunkin Donuts. The center strategically benefits from cross-shopping synergies with the one-million square foot Mall at Prince George’s directly across Highway 410.
Located at 2900 Belcrest Center Drive, the property is adjacent to the Hyattsville Metro Station which serves approximately 5,100 passengers daily with swift access to downtown D.C. in under 30 minutes. Additionally, the center boasts convenient access to Highway 410, attracting 48,000 vehicles per day. Within a three-mile radius, the center serves a population of 232,150 people and within a one-mile radius there are over 3,000 multi-housing units as well as 1,000 student housing beds. The University of Maryland’s flagship campus in College Park is conveniently located 1.2 miles from Metro Shops.
The sale of the center was facilitated by Cushman & Wakefield’s team led by John Owendoff of their DC office in conjunction with Mark Gilbert of their Miami office.
The JLL Capital Markets Debt Advisory team of Senior Managing Directors Michael Klein & Brian Buglione, Director Max Custer, and Analyst Benjamin Morgenthal arranged the financing via Loews Corporation.
About Northpath Investments
Northpath Investments is a privately-held real estate investment firm headquartered in New York City. The company is focused on the acquisition, development, redevelopment and management of retail,industrial and office properties in the Northeast and mid-Atlantic. Northpath has an excellent track record in the ownership and management of real estate assets and seeks to create value for investors, partners and the communities in which it works and lives. To learn more, please visit: northpathinvestments.com.
Danielle Harroch
info@northpathinvestments.com
