Jeffrey Dunne and David Gavin of CBRE's New York Institutional Group and Bill Kent and Gary Lawrence from CBRE's Washington, D.C. office represented BVS Montrose, LLC in the contribution of Montrose Crossing in Rockville, MD to a joint venture with Federal Realty Investment Trust being the majority partner. Montrose Crossing is a 365,705± SF regional power center located on Rockville Pike, the region's major commercial and retail corridor. The property is fully leased and anchored by a diverse tenant mix, including Giant Food, Sports Authority, Marshall's and Barnes & Noble
The rear portion of the Property was recently rebuilt and Bob's Furniture just opened its new 61,000± SF store in November 2011. AC Moore will be moving to the center, adjacent to Bob's Furniture, upon completion of its 26,000± SF building in March 2012. Two additional pad sites leased to TD Bank and Chick-fil-A are slated for development later in 2012.
Montrose Crossing benefits from the region's dense demographics with 323,000± people within 5 miles with an average household income over $90,000. The center is situated in the heart of a master plan area that is undergoing significant traffic enhancements, with the goal of increasing commercial development and improving traffic flow.
Jeff Dunne commented, "Montrose Crossing will provide the joint venture with stable in-place income, with future upside through rollover of existing below-market leases as well as the development of two pad sites fronting Rockville Pike. Federal's majority interest in the JV was a strategic move for them, as Federal has significant holdings on Rockville Pike."