While dozens of businesses have been unable to successfully remain afloat due to numerous factors related to the coronavirus pandemic, one commercial real estate firm has recently engaged three businesses who have signed leases at the Largo Town Center.
Finmarc Management of Bethesda purchased the property last year for nearly $44 million and opened a Burlington store Thursday, Sept. 10. Formerly known as Burlington Coat Factory, the retailer rebranded several years ago and shortened its name to reflect its de-emphasis on outerwear. Burlington currently operates 651 locations throughout 45 states and Puerto Rico, offering branded products in women’s ready-to-wear apparel, menswear, youth apparel, baby products, footwear, accessories, home goods and coats.
Approximately half of the 70,000-square-foot building, which previously housed Regency Furniture store, remains available for leasing. Meanwhile, a Foot Locker also recently opened at the Town Center as did the Rock & Toss Crab House – a seafood restaurant with locations in Bowie and Owings Mills in Baltimore County – which plans to open its doors for business later this fall.
“Competition for compelling new retail uses in the Prince George’s County region remains fierce, so it is extremely important to maintain a first-class environment to provide differentiation among the available shopping venues,” said Sean Sullivan, vice president of Finmarc.
Although Finmarc invested nearly $1 million in a property upgrade strategy, the company credits its success to a $35,000 award in façade and other upgrades from the Prince George’s County Commercial Property Improvement Program (CCIP) managed by the County’s Redevelopment Authority. The two-year-old program has helped contribute close to $2.8 million to county shopping centers.
“The CPIP funding mechanism is extremely unique and we believe it provided the critical advantage that enabled us to attract three new uses, highlighted by Burlington, which provides a new anchor and destination tenant for the center,” Sullivan said.
In addition to Burlington’s projected positive impact on the goal to significantly increase sales at the County-based business center, Shoppers Food & Pharmacy remains one of its most valued tenants with consistent traffic at the supermarket chain’s Largo Town Center along with a McDonald’s and several other fast-food restaurants already housed on the property.
More vehicular and even pedestrian traffic could be increased next year with the ongoing construction of the 11-story, $543 million University of Maryland Regional Medical Center that will be located nearby.