The multi-tenant retail shipping center known as The Shops At Congressional Village, a one/story commercial building and a leasehold interest on the first floor of 192 Halpine Rd in Rockville went for $44 million at an auction on Wednesday, October 12th, 2022 at 11:00AM.
The auction was won by the IVEA restaurant group (who owns local restaurants like Gyuzo BBQ, Gong Cha, The Spot, Kyoto Matcha, Lao Sze Chuan, and more) and Chicago-based Windfall Group LLC who we are told plans to add additional restaurants to the shopping center. The Shops at Congressional Village is currently home to 7-Eleven, ATI Physical Therapy, Heartland Dental, MyEyeDr., Verizon, and more.
The news of the auction was first reported by Biz Journals, who stated that the “owner defaulted on a 2019 mortgage it took out to refinance the property.” Per the article, “The Shops at Congressional Village fell victim to the Covid-19 pandemic and financial strain put on many of its tenants, according to Michael Hollander, general counsel for the Ronald Cohen Management Co., which owns the property at 1701 Rockville Pike through affiliate CV Shopping Center Associates LLC.”
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