Penn Forest Shopping Center Sells for $7.4 Million
Facilitated by Marcus and Millichapp, Forestville鈥檚 Penn Forest Shopping Center was sold to Alexandria-based Woodmont Properties for $7.4 million on June 20.
The plaza鈥檚 Dollar General and CSL Plasma, which opened in 2014 and 2017 respectively, generate more than 51% of the mall鈥檚 overall revenue. The retail center measures in at almost 38,000 square feet.
鈥淲e are thankful for the opportunity to see through the sale of this property for our client,鈥 said Dean Zang, Marcus and Millichap鈥檚 executive managing director of Investments. 鈥淥ur mid-2022 sale effort was hampered by the rapidly changing capital markets landscape, and this most recent effort was also challenging. The cooperation of all parties in any transaction today is so critical in these volatile times.鈥
Capital Electric Plans to Expand Brand-New Upper Marlboro HQ
Capital Electric was given permission by the Prince George鈥檚 County Planning Board on June 20 to add over 160,000 square feet of warehouse space to their existing 363,000-square-foot headquarters on Upper Marlboro鈥檚 Westphalia Road.聽
The company, which provides electrical products, lighting, and services to contractors and users, first moved into their headquarters in January.
The site will now have over 525,000 square feet of development on their 45-acre campus, including 38,000 square feet of office space.
The site will serve as their main headquarters, central distribution hub, and main warehouse for the company鈥檚 50 branches across Maryland, Virginia, West Virginia and Pennsylvania. The company received two conditional $250,000 loans in 2021, one from the state and one from the county, to facilitate the move to their current facility.
The picture is not of the shopping center in the article