Largo Town Center is under new ownership.
Bethesda-based Finmarc Management Inc. has acquired the 280,000-square-foot Prince George’s County shopping center for just shy of $44 million. SITE Centers (NYSE: SITC), formerly DDR Corp., was the seller.
The regional shopping center, home to retailers including Marshalls, Shoppers Food Warehouse, Dollar Tree and Dress Barn, last sold in 2007 for $54 million. It is 100 percent occupied, per Finmarc, to 35 tenants. It sits on nearly 30 acres adjacent to Landover Road and Central Avenue, and is less than a mile from the nearest Capital Beltway exit.
“Finmarc Management has been searching to invest proceeds generated from last year’s sales of several assets into a value-add property,” Sean Sullivan, Finmarc vice president, said in a release. “We were attracted to the extremely strong national retailer base contained within Largo Town Center, as well as the opportunity to substantially build value with the implementation of certain re-tenanting activities as leases expire.”
Sullivan added that Largo Town Center retailers can expect a “dramatic influx of new shoppers” when the University of Maryland Regional Medical Center opens nearby in a couple of years.