Silver Spring’s Orchard formerly hitherto by ShopRite for $16M

MCB Real Estate has acquired a 64,626-square-foot retail box formerly occupied by ShopRite in Silver Spring for $16 million from Chandler White Oak.

The property at 12028 Cherry Hill Road sits on a 5.5-acre land parcel.  MCB Real Estate is already active along the I-95 corridor, and quickly recognized the unique opportunity this property presented.

ORCHARD CENTER

Orchard Center is ranked number one for customer visits within a 5-mile radius with nearly 800,000 annual visitors, according to KLNB. Notable retail tenants include TargetKohl’sPetSmartAldi, and Five Below.  The property is located off Route 29/Columbia Pike in the Silver Spring submarket within Montgomery County, one of the top 20 wealthiest counties in the U.S.

The property is also located next to the 300-acre Viva White Oak development, new life sciences, mixed-use village, which includes the 130-acre headquarters of the U.S. Food and Drug Administration and Adventist HealthCare Takoma Park Alternate Care Site.

In total, Viva White Oak will include 4,400 residential units; 1.9 million square feet of office, retail and commercial space; 2.2 million square feet of research and development space; 2 million square feet of educational/academic users; and a little less than 1 million square feet of medical/clinical users.

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