Business & Tech
JBG Sells Montgomery Village Plaza
Bethesda-based JBG Rosenfeld Retail had owned shopping center near Lakeforest Mall since 2004.
The Montgomery Village Plaza—the 9-acre shopping center facing Lakeforest Mall across Lost Knife Road—has a new owner.
A spokeswoman for JBG Rosenfeld Retail confirmed the sale late Tuesday afternoon, but company officials were not immediately available to give the specifics.
Check back with Patch tomorrow for the details.
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Built in 1984, the plaza has 27 storefronts arrayed into more than 116,000 square feet of retail space at the intersection of Contour Road and Lost Knife Road. Anchor tenants include Trader Joe’s, Marshalls, Wendy’s, Dollar Tree and Furniture & Rug Depot.
Two of the storefronts were vacant as of Tuesday evening.
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JBGR bought the shopping center in September 2004 for $18.1 million, according to state tax records.
Soon after the purchase, JBGR hatched a plan to turn the aging strip mall into an “upscale” retail-residential community with 90,000 square feet of retail space and 256 one- and two-bedroom condos in four stories on top. The project included a 5,000-square-foot outdoor plaza, an indoor fitness center, a gazebo, a fountain, an underground parking garage and 90,000 square feet of new green space.
The County Planning Board gave the plan conditional approval in 2007.
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