The Shoppes at Arts District mixed use development in downtown Prince George’s County, Maryland has been sold to Cedar Realty Trust in a $20.5 million transaction. The newly completed project is 100 percent leased and features a 36,000 square foot shopping center located in downtown Hyattsville along with 500 new residences. The retail center consists of two “L” shaped buildings and are located approximately two miles from the Washington, D.C. line and even closer to the University of Maryland at College Park. KLNB Retail Investment Sales Team represented the seller, ADH Retail, while LLC also procured the buyer.
“The Shoppes at Arts District targets an affluent and educated consumer audience in an area that is undergoing a tremendous demographic shift and revitalization. The mix of food and services caters to the tastes of the emerging millennial lifestyle,” explained Vito Lupo of KLNB Retail. “The new owner acquired an excellently-built and maintained asset that draws consumer traffic from the densely-populated areas surrounding the site, students from the University of Maryland, and nearby business communities.”
