Bel Air Town Center Changes Hands In $19.3M Acquisition

Bel Air MD

08 December, 2020

9:07 AM

Description

BEL AIR, MD — A D.C. real estate company has acquired Bel Air Town Center. The JCR Companies acquired the shopping center on Baltimore Pike for $19.3 million, according to trade publication Shopping Center Business, which reported the seller was not disclosed. Its new owner plans to lease the center's vacant spaces and sell off pad sites, according to a statement from JCR. Current tenants include Liberatore's, Picket Fence Financial, Barrett's on the Pike, C.R. Wings, Woodlea Bakery, Off the Chain, Long & Foster, The Mint Room, Popeyes, Chili's and others. Six to seven vacancies are visible on the latest brochure from Mackenzie Commercial, which manages the property. The acquisition of Bel Air Town Center was one of two JCR Companies announced Monday. It also added Woodley Gardens in Rockville to its portfolio of urban and suburban retail centers. That changed hands for $4.5 million, according to the public relations firm representing JCR. "We are excited to add two additional infill shopping centers to our portfolio this year, and we're thrilled to execute the transactions in this difficult environment," JCR Principal Joe Reger said in a statement. Other shopping centers JCR owns in Maryland include Plainfield South Shopping Center in Waldorf, Manokeek Shopping Center in Accoceek, Westview Corner Shopping Center in Frederick and the Shops at Silver Hill in District Heights. "We realize there will be further pain in the short term, especially with sit-down restaurants and fitness uses," Reger said. "But we have no doubt that retail will bounce back strongly post-pandemic. For these reasons, we are still in expansion mode, and actively looking for additional shopping center acquisition opportunities in the mid-Atlantic region, as well as urban and suburban retail assets nationwide."