News release

JLL closes the sale of 3 Maryland retail centers

Assets include regionally dominant power centers

September 04, 2019

MIAMI, September 4, 2019 – JLL announced today that it has closed the sale of two regional retail properties totaling 522,100 square feet in the Washington, D.C. suburb of Frederick, Maryland, and a regionally dominant power center in the northern Maryland community of Hagerstown.

JLL marketed the property on behalf of the seller, WashREIT. DLC Management Corporation and Acadia Realty Trust purchased two assets, Frederick Crossing and Frederick County Square, and Baltimore-based Continental Realty Corporation (CRC) purchased Centre at Hagerstown.

The Frederick, Maryland, portfolio comprises the 294,718-square-foot Frederick Crossing and the 227,382-square-foot Frederick County Square. The fully leased Frederick Crossing is a regional power center that is home to a variety of tenants, including Kohl’s, Best Buy, Ross Dress for Less, Off Broadway, Ulta Beauty, Chuck E. Cheese’s, Regency Furniture, Dress Barn and Dollar Tree. The property also is shadow anchored by the region’s only Walmart and adjacent to a 60,000-square-foot office park. It’s situated in an expansive trade area with more than 110,000 residents within a five-mile radius of the property.

Frederick County Square is 92.9% leased to major tenants such as Kmart, JoAnn Fabric & Craft and Advance Auto. Situated on 17.63 acres at 1003 W. Patrick Street, the center is surrounded by more than 78,600 residents earning an average annual household income of nearly $70,000 within a three-mile radius of the property.

The 331,833-square-foot Centre at Hagerstown was completed in 2000 and is 93% leased to a variety of tenants, including Books-A-Million, Marshalls, A.C. Moore, Office Depot, Bed Bath & Beyond, PetSmart, Ulta Beauty and Regency Furniture, and is shadow anchored by the region’s only Walmart and The Home Depot. Additionally, the center features 10 outparcel pads occupied by nationally recognized restaurant and retail tenants such as Panera Bread, Wendy’s, IHOP, TGI Friday’s and Arby’s. Situated at 17850 Garland Groh Boulevard, Centre at Hagerstown has excellent visibility from Interstate 81 (Maryland Veterans Memorial Highway).

The JLL Retail Capital Markets team that represented the seller included Senior Managing Director and Co-Head of JLL’s Capital Markets Retail Practice Daniel Finkle, Executive Managing Director Stephen Conley, Managing Director John Owendoff, Senior Director Jordan Lex and Senior Associate Kim Flores.

“The sale of these three assets continues with Washington REIT’s strategic plan to transform its existing portfolio,” Finkle said. “It was a pleasure working with all three groups on the successful execution of these three dominant centers in Frederick and Hagerstown, Maryland.”

This portfolio sale comes on the heels of the recently announced $485M sale of five retail assets in Northern Virginia and Maryland that JLL arranged for WashREIT.

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 delivers the best-in-class solutions for clients — whether investment 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.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About WashREIT

WashREIT (NYSE: WRE) owns and operates uniquely positioned real estate assets in the Washington, D.C. market. Backed by decades of experience, expertise and ambition, WashREIT creates value by transforming insights into strategy and strategy into action. As of July 26, 2019, the company’s portfolio of 49 properties includes approximately five million square feet of commercial space and 6,658 multifamily apartment units. WashREIT’s shares trade on the NYSE and the company currently has an enterprise value of more than $3 billion. With a track record of driving returns and delivering satisfaction, WashREIT is a trusted authority in one of the nation’s most competitive real estate markets. Learn more at

About DLC Management Corporation

DLC Management Corporation is one of the nation’s preeminent private retail real estate companies, with expertise in acquisitions, new developments, redevelopments, leasing, and management. Headquartered in New York, DLC has regional offices in Atlanta, Chicago and Washington, D.C. For additional information about DLC Management Corporation and its portfolio, please visit

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – core and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic urban and street-retail corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit

About CRC

Continental Realty Corporation (CRC), is focused on acquiring value-add retail and multifamily properties, located throughout the Mid-Atlantic and Southeast regions of the United States. Headquartered in Baltimore and founded in 1960, CRC is a full-service commercial real estate and investment company. The privately-owned firm owns and manages a diversified portfolio of retail centers, consisting of over four million square feet of commercial space, as well as almost 10,000 apartment homes. Positioned throughout the Mid-Atlantic and Southeast regions, the portfolio’s value exceeds $2 billion. Visit to learn more.