A New York-based family trust has paid $21 million for the Shoppes at Bowie Town, a rare offering in Prince George’s County at a time when traditional retailers are struggling to survive in an e-commerce age.
The buyer, J.A.R. New York RLT, owns a variety of retail centers in the New York area and is expanding into other markets, said Gil Neuman, principal at Neuman Commercial Group LLC. J.A.R. emerged as the winning bidder a little more than six months after Neuman Commercial began marketing the 104,000-square-foot shopping center to interested buyers.
Shoppes at Bowie Town Center LLC, the Baltimore-based firm that sold the property, developed it in 2004 and moved to shed the real estate in order to reinvest the proceeds into other projects.
Neuman said the deal gave the center’s developer the chance to cash out after creating value in the property and its buyer the chance to pick up a stabilized retail center in a dense market near landmarks such as Six Flags America and Joint Base Andrews.