The real estate company Zuckerman Gravely arranged debt financing of $50.75 million to refinance the Potomac Place Shopping Center. This is an 80,000 square foot (approximately 7,432 square metres) Class A retail centre anchored by a supermarket. The property is located in Potomac, Maryland, a suburb of Washington, D.C.
Nationwide Life Insurance Company provided the debt financing, which was structured as a permanent fixed-rate loan with a seven-year term. The transaction was brokered by Jason Smith and Kenneth Gentzel of Northmarq.
Strong retail location
Jason Smith highlighted in a statement that the property benefits from a robust retail base with long-term tenants. These tenants have generated "strong tenant sales" to an affluent demographic of residents from Potomac as well as nearby Chevy Chase and Bethesda, Maryland.
Smith further explained that the Potomac Place Shopping Center is located in the heart of Potomac, Maryland, and "is arguably the most valuable retail centre in the area." The property, located at 10122 River Road in Potomac, is near Route 90 and the Washington, D.C. Beltway, Highway 495. The shopping centre opened in 1967.
Tenant structure
Current tenants of the Potomac Place Shopping Center include well-known companies from various sectors. This tenant mix contributes to the attractiveness and stability of the location, serving the local needs of the affluent population. The long-term presence of established brands also signals healthy market demand.
- —Safeway
- —Walgreens
- —Starbucks
- —Chipotle
- —M&T Bank
- —PNC Bank
