Lovettsville Square, a 17,381-square-foot retail property in Lovettsville, lately bought for simply over $6 million.
The industrial actual property brokerage agency Marcus & Millichap represented the vendor and unique developer, an affiliate of Elm Street Development and NV Commercial.
The purchaser is family-owned James Properties III, LLC, an organization which owns retail properties all through the Washington, D.C. area. They have bought Phase 1 of the Lovettsville Square improvement.
Lovettsville Square is positioned within the heart of city. Its developer, NVRetail, deliberate the undertaking together with the 210-home subdivision within the rear of the property.
Tenants embrace regional chain Velocity Wings and a lately relocated Anytime Fitness fitness center.
A second deliberate part was bought to an one other developer that plans to open a co-op market idea with extra industrial area.
The property was initially put up on the market in March 2020 and initially garnered sturdy curiosity, based on representatives from Marcus & Millichap. However, Covid-19 restrictions halted a ultimate sale. The most up-to-date advertising and marketing marketing campaign was launched in April and a sale was accomplished 93 days later.
Asset supervisor Dominic Vito of James Properties III, LLC instructed the Times-Mirror the corporate views Lovettsville Square as a “great asset with a wonderful community.”
“We look forward to maintaining the property and it is a beautiful part of the area. We hope phase 2 breaks ground in the near future,” Vito stated.
“We are excited to be a part of Lovettsville,” he added.