Granite Canyon Partners (GCP) has acquired The Grove shopping center in Derwood, marking the first time the property has changed hands since it was developed by the Casey family. Maryland newsletters reports the shopping center sold for $17.4 million.
The approximately 95,000SF retail center is located at the intersection of Shady Grove Road and Crabbs Branch Way and is home to a mix of national and local tenants, including Giant, McDonald’s, Feasty Crab, an Exxon station, and several other businesses that serve the surrounding community.
Following the sale, the GCP confirmed with us the significance of the transaction, noting that this is the first ownership change in the center’s history. Granite Canyon Partners said they are excited to take over stewardship of the long standing Derwood property.
No major changes are currently planned for the shopping center. According to Granite Canyon Partners, the property includes a number of long term leases, including with anchor tenant Giant, and the focus for now is on operations rather than redevelopment. The firm said it plans to operate the center in a first class manner, consistent with how it manages its other assets.
Granite Canyon Partners owns and manages approximately 1.7 million square feet of retail and small bay warehouse properties across the Mid Atlantic and the Carolinas. The acquisition adds another established neighborhood shopping center to its growing portfolio.
