Less than a year after its $35.3 million acquisition by Bethesda-based Willard Retail, Rockville’s Research Row retail complex is now fully leased with the signing of ChaHalo. ChaHalo is a modern bubble tea and milk tea brand that blends traditional Chinese tea culture with contemporary flavors and presentation.
The 108,000 SF property at 1403 Research Boulevard changed hands in November 2024, when Willard Retail purchased it from Foulger Pratt and Alexandria Real Estate Equities (ARE) as part of a 1031 exchange. At the time of the sale, the property was described as “nearly fully leased,” but leasing activity in the months since has pushed occupancy to 100 percent. The sale price equated to $327 per square foot.
The sellers, Cameron Pratt, Bryan Foulger, and Peter Ognibene representing Foulger Pratt, alongside ARE, developed and managed Research Row as one of Rockville’s newest retail destinations. Anchored by One Life Fitness, Cooper’s Hawk Winery, and other restaurants and service tenants, the property has remained a bright spot in the region’s retail landscape.
For Willard Retail, the purchase of Research Row continues its strategy of acquiring and managing high-performing suburban centers across the Mid-Atlantic. The firm focuses on community-driven shopping centers with strong tenant mixes and long-term growth potential.
