KLNB, the leading mid-Atlantic commercial real estate brokerage firm, has announced the sale of Livingston Square Shopping Center, a 10.99 acre, Giant Food-anchored redevelopment site, from Retail Business Services (RBS), Giant Food’s real estate arm, to Velocity, LLC for $5,150,000. Andy Stape and Vito Lupo exclusively represented Fort Washington Oxon Hill LLC (RBS) on the sale, and in conjunction with Phil Ruxton procured the purchaser Fort Washington Livingston LLC (Velocity), in the transaction.
The project will include a newly constructed, 43,000 SF Giant Food grocery store, drive-thru pad restaurant locations for McDonald’s, KFC and Taco Bell, as well as 20,100 SF of newly constructed retail space in two buildings serving the desirable Fort Washington suburb of Washington, D.C.
“As we continue to adjust to our ‘new normal,’ access to fresh food is essential. We are proud to play a part in bringing a brand new, much-needed Giant grocery store to Prince George’s County, an underserved market whose residents have far too many food deserts,” said Lupo. “We have seen the demand for grocery stores surge and this new Giant, with its variety of services, will serve useful to the community in this environment.”
The redeveloped Giant Food will provide a variety of new selections and services including more organic produce, a new and larger Natural Food department, a full-service pharmacy with Giant’s new Pick-Point system, and will offer Giant Pickup online ordering services – all with the goal of bettering the surrounding community.
KLNB was also given the exclusive listing to represent the new owner of the shopping center in an ongoing leasing partnership with Republic Real Estate Group, Velocity’s brokerage division. Said Ruxton: “We are thrilled to continue our unique partnership with Velocity to bring high quality retail to the Prince George’s community.”
About KLNB
KLNB is a leading provider of commercial real estate services throughout the mid-Atlantic region. An independently owned and operated commercial brokerage and real estate services firm, KLNB provides a variety of services including tenant and landlord representation, leasing, consulting, investment sales, property management, research, marketing, branding and financing services. More than 85 full-time brokerage professionals work across KLNB’s four offices strategically located throughout the Washington, D.C. / Baltimore region. KLNB is affiliated with NAI Global – the single largest, most powerful global network of owner-operated commercial real estate brokerage firms in the world.http://klnb.com
About Velocity Companies
The Velocity Companies is an impact-driven company that specializes in real estate investment and property development. The Velocity team brings extensive experience and a proven track record of success in commercial real estate development, community development, investment, finance, and project management. Driven by their commitment to providing a significant impact in under-invested communities, the team boldly pursues projects that champion the health and vitality of local economies through meaningful development. https://thevelocitycompanies.com
