Potomac Place Shopping Center, a longtime grocery-anchored retail center in Potomac, has secured $50.75 million in permanent fixed-rate financing, according to Northmarq.
The 80,040 SF shopping center is located at 10100 River Rd., near the intersection of River Road and Falls Road. Northmarq’s Washington, DC Debt + Equity team, led by Jason Smith and Kenneth Gentzel, arranged the financing on behalf of the borrower, Zuckerman Gravely, through Nationwide Life Insurance Company. The financing carries a seven-year term and will be used to refinance existing debt on the property.
Originally constructed in 1967, Potomac Place has served as a neighborhood shopping destination for nearly 60 years. The center is anchored by Safeway and features a mix of national and locally owned restaurants, retailers and service businesses.
Current tenants include Safeway, Walgreens, Starbucks, Chipotle, Vie de France Bakery & Café, Strosnider’s Hardware, M&T Bank, PNC Bank, Maurizio’s, Duke’s Grocery and The Market at River Falls, among others.
“Located within the heart of Potomac, Maryland, Potomac Place Shopping Center is arguably the most valuable retail center in the region featuring an impressive tenant roster, long-standing occupancy history and robust tenant sales supported by an affluent demographic composition,” Smith said.
Northmarq noted that the shopping center benefits from its location along the heavily traveled River Road corridor and its accessibility within the Potomac area.
