| Press Release / 2007 | View PDF |
Next Realty Development to Build 38,500 Square-Foot Shopping Center in Clinton, MD
McLean, VA / Northbrook, IL (February 27, 2007) – Next Realty Development, based in McLean, Va., has announced the launch of a 38,500-square-foot retail center on a 7.5-acre tract at the intersection of Branch Avenue/Route 5 and Woodyard Road in Clinton, Md. Located in the southwest quadrant opposite a Safeway, Lowe’s and a Wal-Mart-anchored center, the site faces a dynamic commercial intersection in Prince Georges County in the suburbs of Washington, DC. The shopping center will house three tenants: Walgreens, Office Depot and a Commerce Bank branch with four drive-through windows.
The shopping center will complement a housing subdivision being developed by Centex Homes (NYSE: CTX) on an adjacent site. Next Realty initially acquired a 36-acre site and sold 29 acres to Centex, retaining 7.5 acres for the shopping center development. Commerce Bank opened its new 4,100-square-foot branch and drive-through facility in December 2006.
Walgreen’s and Office Depot are scheduled to open in fall 2007.
“With a Safeway, Wal-Mart and Lowe’s on the northwest corner and a Giant Foods, Kmart and Toys R Us on the southeast corner, our shopping center is ideally situated to capture a significant amount of traffic in this heavily visited intersection,” said Richard Kabat, Principal, Next Realty Development. “Our tenants will complement the shopping already available and meet shoppers’ needs for the everyday necessities of home and work.”
About Next Realty LLC
Next Realty LLC, with offices in Northbrook, Ill., and in McLean, Va., works to create and retain wealth through commercial real estate, including acquiring and developing shopping centers, retail land and parking structures.
