JLL Capital Markets announced the closing of the $ 110 million sale of Mallory Square, a 365-unit mid-rise apartment community with 1,600 square feet of retail space, located in the Shady Grove submarket in Rockville, N.Y. Maryland.
JLL worked on behalf of the seller, Woodfield Development, to close the sale to the buyer, Nuveen Real Estate.
Mallory Square totals 330,117 rentable square feet and consists of a mix of studios, one and two bedroom units. The highly appointed property includes three private courtyards totaling 25,000 square feet, a lounge with barbecue, a solar shelf with swimming pool, a media center with television, fire pits, a 24-hour fitness center and a yoga studio with ballet bar, with the floor- the retail floor is occupied by Dunkin Donuts.
The property is located at 15251 Siesta Key Way, in the I-270 Biotechnology and Life Sciences Corridor, a major center for medical testing and development, comprising the National Institutes of Health, the National Cancer Institute and the Food and Drug Administration, which employs over 30,000 people. The life sciences sector also contributed the majority of rental activity at the end of last year, with the sub-market of Maryland suburbs registering 860,000 square feet of gross rental in the third quarter of 2020. .
Additionally, the property is within walking distance of Downtown Crow, a dining, retail and residential destination anchored by Harris Teeter and LA Fitness and Washingtonian Center, which consists of 530,000 square feet of retail and 200,000 square feet. square feet of entertainment space, including an AMC and Target cinema.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Walter Coker and Brian Crivella and Directors Robert Jenkins and Bill Gribbin.
“We are very pleased to have the opportunity to represent Woodfield Development on such an important property in a submarket that is experiencing dynamic dynamics due to the growth of the life sciences industry,” said Coker.
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides top-notch solutions for clients, whether it is investment advice, debt placement, equity placement or recapitalization. The company has more than 3,700 capital markets specialists around the world with offices in nearly 50 countries.