MORRISTOWN, Jan. 25, 2024 - JLL Capital Markets announced today that it has arranged $18.4 million in acquisition financing for Metro Shops, a 160,623-square-foot retail center located in the Washington, D.C. suburb of Hyattsville, Maryland.
JLL represented the borrower, Northpath Investments, to secure the five-year, fixed-rate loan through Loews Corporation.
Built in 2007, Metro Shops is leased to a dynamic mix of regionally and nationally recognized tenants which includes Bob's Discount Furniture, Staples, LA Fitness, Citibank and Dunkin Donuts, among others. The center also benefits from cross shopping synergies being located directly across from the one-million-square-foot Mall at Prince George's.
Situated at 2900 Belcrest Center Drive, the property sits directly adjacent to the Hyattsville Metro Station, which sees 5,100 passengers daily and provides access to downtown D.C. in under 30 minutes, as well as East-West Highway, attracting 48,000 vehicles per day. Within a three-mile radius of the property is a population of 232,150 people and an average household income of $105,598, and within a one-mile radius is over 3,000 multi-housing units and 1,000 student housing beds. Additionally, The University of Maryland's flagship campus in College Park is located 1.2 miles from Metro Shops.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Director Max Custer, Senior Director Brian Buglione and Analyst Benjamin Morgenthal.
"JLL is pleased to have assisted Northpath Investments with its latest retail acquisition. There remains ample liquidity in the market for acquisition financing of well-located retail properties that feature stable occupancy by a mix of national, regional and local tenancy," said Klein.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 25 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2024 15:42:12 UTC.
