Matan Companies Sells The Shops at Westview South
28 March 2019
Matan Companies announced today the sale of their 21,138 square foot, two-building Class A retail center known as The Shops at Westview South, located along Route 85 at Executive Way in Frederick, MD. The retail center was developed and leased by the Matan Companies as part of its larger 100-acre Westview South development.
The Shops at Westview South were delivered in the Spring of 2016 and are currently 90.2% leased. The strong tenant roster includes Dunkin’ Donuts, Sola Salon, Chaps BBQ, Dogtopia, Club Pilates, and Monocacy River Dental. Broker Andy Stape of KLNB represented the seller in the transaction. The property sold for $421/SF to JS Westview South, LLC.
“We could not be more pleased with the outcome of this project, culminating with the sale,” said Brad Benna of the Matan Companies. “While retail is not our forte perse, we sensed that demand for this smaller product was strong and the result confirms our intuition.”
The residential component of Westview South is progressing as planned with over 100 homes already delivered or under construction and the remaining 390 homes expected to be delivered by late 2021. Directly across Executive Way Matan has a 40±acre, site plan approved, and shovel ready project for R&D and other corporate or local businesses.
The self-contained community is strategically located along the Route 85 Corridor with easy access to major interstates I-70 and I-270. Westview South is within walking distance of a thriving amenity base and offers a park-like setting with 31 acres of preserved green space and walking trails along Ballenger Creek.
Three retail pad sites, still owned by Matan, which surround the retail project, are still available. They are suited for users looking for a stand-alone presence on Route 85, with a more prominent identity, built to suit the specific users needs.