Northpath Spends $26M for DC Retail Center
Northpath Investments has purchased Metro Shops, a 160,623-square-foot retail center in Hyattsville, Md. Washington Metropolitan Area Transit Authority sold the asset for $26.3 million, according to CommercialEdge data.
Lowes Corp. provided $18.4 million in acquisition financing, while JLL Capital Markets represented Northpath in the deal and secured the five-year and fixed-rate loan.
The tenant roster at Metro Shops includes a diverse mix of national and regional retailers such as Bob’s Discount Furniture, Staples, LA Fitness, Citibank and Dunkin Donuts.
Located at 2900 Belcrest Center Drive, the retail center is near Route 1, which allows direct access to downtown Washington, D.C. Metro Shops serves approximately 232,150 individuals within a 3-mile radius, with the average household income at $105,598. According to JLL, the shopping center is in an area where the traffic count reaches around 40,000 vehicles per day.
Metro Shops also benefits from its adjacent location to the Hyattsville Metro Station and its proximity to The University of Maryland’s campus. There are approximately 3,000 residential units and 1,000 student housing beds within a 1-mile radius.
Senior Managing Director Michael Klein, Director Max Custer, Senior Director Brian Buglione and Analyst Benjamin Morgenthal led the JLL Capital Markets Debt Advisory team working on behalf of the borrower.
The retail sector showed resilience throughout last year. Naveen Jaggi, president of retail advisory services at JLL, told Commercial Property Executive that despite concerns over inflation and high interest rates, retail sales continue to grow.
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