Damascus Shopping Center, a 145,148 SF center anchored by Safeway, has been sold for $36.17 million to BC Wood Properties, marking the Lexington, Kentucky-based company’s first acquisition in Maryland.
The property was sold by MCB Damascus LLC, an affiliate of MCB Real Estate, which acquired the shopping center in 2022. The sale comes after approximately four years of ownership, during which MCB worked to improve the property through tenant renewals, leasing efforts, property upgrades, and operational improvements.
Located along Main Street on the eastern side of Damascus, the shopping center is home to a mix of national chains and smaller businesses, including Safeway, Dollar Tree, Subway, Chipotle, Dunkin’, Anytime Fitness, and Ledo Pizza.
In announcing the sale, MCB Real Estate highlighted its efforts to reposition the property and improve its performance. According to the company, those improvements helped increase average monthly visits to the shopping center to 13% above 2021 levels.
BC Wood PropertiesBC Wood Properties confirmed the acquisition in a social media announcement, describing it as a significant milestone for the company. “Last week was a big one at BC Wood Properties! We closed on a second shopping center and broke into a new state!” the company shared.
The new owner also pointed to opportunities to fill vacant spaces within the shopping center. According to Maryland Newsletters, BC Wood plans to seek a tenant for a former restaurant space, while additional second-floor shell space is available for potential office or retail use. BC Wood Properties will handle management of the shopping center, while commercial real estate firm KLNB will oversee leasing.
