West Virginia power center changes hands

The Marketplace at Potomoc Towne Center in Ranson, West Virginia, has been acquired for $35.9 million by Heidenberg Properties Group and Strategic Real Estate Partners (SERP) in a joint venture deal. The seller was Carl Freeman Companies of Rockville, Maryland.
 
Anchored by Home Depot, Kohl’s, and Weis Supermarket, the 370,000-sq.-ft. center contains 51,000-sq.-ft. of out-parcels and in-line space. It is located on Route 9, the predominant retail corridor in the area that connects the eastern panhandle of West Virginia with Leesburg, Virginia, and the Dulles Technology Corridor.
 
“The presence of Home Depot and superior performing restaurants enhances the tenant mix and provides shoppers additional reasons to visit this center,” said Robert Heidenberg, president and CEO of Heidenberg Properties. “We believe that we are adding The Potomac Marketplace to the portfolio at the right time, as the trade area is poised to take advantage of catalysts for housing growth."  
 
Other tenants at the center include Petco, Sleepy’s, Panera Bread, Roy Rogers, and Olympia sports.
 
This marks the third acquisition made by the Heidelberg-SERP joint venture since November 2016 and the sixth overall.

 

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