FOR IMMEDIATE RELEASE December 7, 2006

CONTACT: Theresa M. Vivona (540) 972 - 7359 theresa@woodenrooster.com

 

CHEVY CHASE, MARYLAND – Shopping center leasing, management, and development company JBG Rosenfeld Retail (JBGR), with its affiliated partner and equity fund, JBG Investment Fund V, has added another 74,000 square feet of prime retail space to its property portfolio with the acquisition of Pike Center, an Office Depot-anchored shopping center located at the intersection of Rockville Pike and Bou Avenue in Rockville, Maryland.  Built in 1964, the center officially came under JBGR’s ownership on October 30, and is the company’s third purchase in the Route 355 corridor in two years.  The company currently is considering various options for renovating the center.

 

“Our acquisitions and development team is always on the lookout for opportunities that enable us to add value to the community served by a given retail property, and Pike Center fits the bill,” said JBGR Principal Grant Ehat.  “The center is in a superior location with great visibility and access from Rockville Pike, and it provides us with a tremendous opportunity for value enhancement. Rockville Pike is known up and down the East Coast for its retail prominence, and we are pleased to have ownership of another parcel in this corridor.”   In addition to Office Depot, Pike Center features a number of national tenants, including TGI Friday’s, Goodyear Tire Center, Catherine’s, Mattress Warehouse, Shell, plus the locally operated United Bank.

 

With the acquisition of Pike Center, JBGR and its affiliates now own four properties in Montgomery County, including Rockville’s Twinbrook Square and Montgomery Village Plaza in Gaithersburg, both acquired in late 2004, as well as Loehmann’s Plaza on Randolph Road and Parklawn Drive in Rockville.  The company also handles the leasing activity for more than 10 other retail sites throughout the county, totaling nearly 1,000,000 square feet of gross leasable area.

 

 

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