JLL Capital Markets announced it closed the $110 million sale of Mallory Square, a 365-unit mid-rise apartment community with 1,600 square feet of retail, located in the Shady Grove submarket of Rockville, Maryland.
JLL worked on behalf of the seller, Woodfield Development, to complete the sale to the buyer, Nuveen Real Estate.
Mallory Square totals 330,117 rentable square feet and consists of a mix of studio, one- and two-bedroom units. The highly-amenitized property includes three private courtyards totaling 25,000 square feet, lounge with grilling area, sun shelf with pool, media center with a TV, fire pits, 24-hour fitness center and a yoga studio with ballet barre, with the ground-floor retail being occupied by Dunkin Donuts.
The property is located at 15251 Siesta Key Way, in the I-270 Biotechnology and Life Sciences Corridor, a prominent medical testing and development hub, including The National Institutes of Health, National Cancer Institute and The Food and Drug Administration, which employs over 30,000 people. The life sciences sector also contributed to a majority of leasing activity late last year, with the suburban Maryland submarket experiencing 860,000 square feet of gross leasing during Q3 2020.
Additionally, the property is walkable to 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 of entertainment space, including an AMC Theaters and Target.
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 were very pleased with having the opportunity to represent Woodfield Development on such a prominent property in a submarket experiencing dynamic momentum due to the Life Sciences sector growth,” said Coker.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge deliver best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.