Lovettsville Square commercial complex is under new ownership.
Built by Elm Street Development and NV Commercial as part of a 210-home planned community, the 17,381-square-foot retail property was sold to James Properties III of Hyattsville, MD, on July 22 for $6.1 million.
According to an announcement by Marcus & Millichap, which handled the sale, the property first was put on the market in March 2020 at the outset of the pandemic. A marketing campaign was relaunched in April and resulted in a quick sale.
“We are seeing pent-up demand from buyers to transact, and assets that retained tenants through COVID are in elevated demand. Lovettsville Square’s tenant roster is mostly local tenants, but its developer was selective in the merchandizing mix. Tenant strength was evident in those challenging months,” Marcus & Millichap investment specialist Dean Zang said.
Lovettsville Square tenants include Velocity Wings and Anytime Fitness.
A second planned phase of the retail center was sold to an unrelated developer that is planning a co-op market concept with additional commercial space.