Aggregate Real Estate Investors has acquired the Montrose Shopping Center retail plaza in Rockville from Rosenthal Properties for $28 million, per a Biz Journals report.
Montrose Shopping Center is home to the first MOM’s Organic Market to ever open, longtime tenant Asadur’s Market, KPOT Korean BBQ, Planet Aid Throft Store, Shouk, Planet Fitness, and more.
According to the report, Aggregate Real Estate Investors believe “additional residential development in the area surrounding the retail center at 5520 Randolph Road, a half-mile from the Pike & Rose mixed-use development, will drive up demand for retail space and steer more shoppers to Montrose.”
The seller was an affiliate of Rosenthal, which had initially acquired the property for $20.5 million as part of a larger portfolio from Washington Real Estate Investment Trust in 2021. This sale to Aggregate occurred nearly a year after Rosenthal sold its third-party property management and leasing platforms to The Shopping Center Group. Featured photo courtesy of The Shopping Center Group