ACCOKEEK, MD—Washington, DC-based JCR Cos. has acquired Manokeek Village
Shopping Center, in Accokeek, MD, for $22 million. The seller was Klaff Realty.
Manokeek Village Shopping Center is a 90,172-square foot grocery-anchored shopping center in
Prince George’s County, MD. Giant is the anchor tenant; in total the retail center is more than
90% leased to 11 retailers Starbucks, Wendy’s Advance Auto, SunTrust Bank, and 7-Eleven. The
property includes additional land approved for development of up to 50,000 rentable square feet
of commercial space.
Cantor Commercial Real Estate provided financing for the inline retail space, while Eagle
Bank underwrote the pad sites. JCR plans to sell the pad sites and maintain long-term ownership
of the inline space.
The company likes the fundamentals of the southern Maryland region, says Joe Reger, principal
of JCR Cos. There are substantial new housing starts underway – but no new retail development
planned for the foreseeable future.
Its immediate plans for the acquisition include splitting a currently vacant 5,000-square foot
space into three smaller spaces for lease, along with an additional 2,000-square feet of other
Last year JCR acquired 51,800 square feet of retail at Lorton Station Town Center for $13.8
million, as well as the building at 1522 14th St., NW which houses locally owned specialty shop
Cork & Fork, for a total of $16 million.