MCB Real Estate, a commercial real estate investment management firm with nationwide holdings, announced on Monday that it has purchased Takoma Park Shopping Center, located at 8750 Arliss St. in Takoma Park, MD. MCB acquired the property from an undisclosed private seller, represented by JLL.
Anchored by Giant Supermarket, Takoma Park Shopping Center encompasses 51,205 square-feet of retail space and is 100% leased. Giant occupies 45,435 square-feet of the property and Montgomery Beauty School currently occupies 2,538 square-feet, but is expanding into an additional 3,000 square-feet.
Per MCB Real Estate: Located in Montgomery County, Maryland’s most populous, the town of Takoma Park is an exceptionally dense trade area and sees significant daily traffic in and around the region, with an ideal local consumer pool. The center has a local population of over 226,000 daytime residents within three miles, and nearly 84,500 households with an average income of over $117,000. In 2023, consumer spending within the three-mile marker was $2.8 billion.
With the DC region’s retail rental vacancy at just 5.2%, its lowest point since 2008, MCB’s capacity to acquire such a sought-after property comes down to one of the firm’s most notable attributes: client relations.
“The process for securing Takoma Park all started because of our close partnerships with some of the region’s most notable grocery brands,” says MCB Managing Partner and Co-Founder Peter Pinkard. “MCB has cultivated deep trust with the grocers like Giant and our years-long connection with them was crucial in coming to an agreement on this transaction and obtaining a very popular asset that’s poised for even greater success.”
Pinkard speaks to the more than 1.1 million consumer visits in 2023, a 3.4% increase over 2022, and visits are expected to climb significantly by the end of the decade with the opening of the Long Branch Metro station. Set to open in spring 2027, it will service the Metro’s Purple Line and is projected to transport 70,000 people per day by 2030.
The purchase of Takoma Park comes on the heels of MCB’s development of several mixed use and retail projects like the 280-acre, 12 million square-foot mixed use project Viva White Oak, the 110-thousand square-foot Armory Square shopping center, and the $115 million retail and housing project, The Shops at Fairway Village.