Former ShopRite Parcel in Orchard Center on Cherry Hill Rd (Calverton) Acquired For $16M
Update: The original title of the post incorrectly stated that the Orchard Center was being sold, that is incorrect. It is the former ShopRite location that was sold.
Former ShopRite Parcel in Orchard Center on Cherry Hill Rd (Calverton) Acquired For $16M
Former ShopRite Parcel in Orchard Center on Cherry Hill Rd (Calverton) Acquired For $16M
According to a report in the Commercial Observer, the former site of ShopRite in the Orchard Center at 12028 Cherry Hill Road in Silver Spring has been acquired by MCB Real Estate for $16 million.
The Orchard Center is currently home to Aldi, Target, Khol’s, Five Below, and PetSmart.
The ShopRite grocery store closed back on February 22nd.
Gong Cha Tea and Fuji Teriyaki opened in the center earlier this year.
The article states that the Orchard Center is ranked number one for customer visits within a 5-mile radius and has nearly 800,000 annual visitors.
“The purchasers know the location well, it sits off of the I-95 corridor, and is good fundamental real estate,” Vito Lupo of the KLNB retail investment sales team, told Commercial Observer. “The [previous] owners bought it in 2012, and with ShopRite leaving, they were looking to monetize the asset.”