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PG County’s Crestview Square shopping center sold
Crestview Square is a shopping center located in Landover Hills spanning nearly 75,000 square feet. (Provided by KLNB)
PG County’s Crestview Square shopping center sold
Listen to this articleKLNB, a commercial real estate brokerage firm based in the Mid-Atlantic region, announced the sale of Crestview Square, a near-75,000-square-foot neighborhood shopping center located on the 6600 block of Annapolis Road in Landover Hills.
SK Property Management purchased Crestview Square after the property received six “competitive” bids, according to a KLNB release, which doesn’t mention the price of the acquisition.
Crestview Square, located only two miles from the Washington, D.C., line, is anchored by Value Village, along with retailers including T-Mobile, 7-Eleven, Pizza Hut and Subway.
With the retail center being 84% leased, roughly 8,500 square feet of retail space is still vacant, according to KLNB.
“Crestview Square is a tremendous investment opportunity, but the lack of velocity in this corridor, combined with the minimal value-add opportunities, is what made it truly stand out,” KLNB’s Chris Burnham said in a release.
“We understood how to market and showcase the benefit that this property offered via the pad site dispositions and the ability to immediately lease-up the existing vacancy.”
KLNB’s services include tenant and landlord representation, leasing, consulting, capital markets, property management, research, marketing, branding and financing services. The company has five offices located in the Washington-Baltimore region.
