Regency Centers Corp. has acquired the Shoppes of Burnt Mills. The Silver Spring shopping center traded for $13.6 million. Regency purchased the property from its developer, Bethesda-based Finmarc Management Inc., together with an undisclosed co-investment partner. Regency’s share of the purchase price was $2.7 million.
The 31,316-square-foot neighborhood center located at 10740 Colesville Road is anchored by a 9,306-square-foot Trader Joe’s. Other tenants include Starbucks, Chico’s and AT&T. The Shoppes of Burnt Mills was constructed in 2004. The surrounding population totals 166,782 and boasts an average household income of $100,000, according to Regency. There are nearly 1 million square feet of office, medical, flex and industrial space in the area, with a daytime population of 145,716.
“The infill location, strong demographics, synergistic merchandising with strong retailer sales and a vibrant anchor make Shoppes of Burnt Mills a great addition to our expanding portfolio in the D.C. market,” said Devin Corini, vice president of investments for Regency Centers, in a statement for the press.
Regency Centers Corp. is a national owner, operator and developer of grocery-anchored and community shopping centers. The company owns 345 retail properties, encompassing 46 million square feet, in top markets throughout the United States. In the D.C. Metro/Maryland market, Regency owns and operates 34 centers with 4 million square feet of space. The properties are managed by a 25-member team located in Tysons Corner, Va.
According to a report by Marcus & Millichap Real Estate Investment Services, the number of multi-tenant assets sold in the D.C. metro area increased slightly over the past 12 months. Demand for local properties remains strong due to low interest rates, broadening access to acquisition financing and the increase in multifamily development.Photo credits: Regency Centers Corp. via Businesswire Charts courtesy of Marcus & Millichap Real Estate Investment Services