In what is a sign that interest in Prince George’s County’s business landscape is on the upward trend, developers and business people are buying into our area. There’s a new Roses Department Store coming to a renovated Forestville Plaza, a Canyon Grill restaurant on the way to Woodmore Towne Center, and Philadelphia real estate owner has purchased in Largo.
The Forestville Plaza on Marlboro Pike and Forestville Road is being renovated. The first major tenant will be Roses Department Store, owned by Variety Wholesalers Incorporated, which also owns Maxway stores in our area. Described as a discount retail store, Roses has had recent openings in strip malls in Dayton, OH and Richmond, VA. The closest Roses Department Store is in Baltimore. See NBC4 Washington video below.
From Philly.com, ” Two of the biggest apartment landlords based in the Philadelphia area are betting on Washington, hoping the federal government and the contractors who depend on it will weather the budget battles that have lately depressed hiring and rents around the capital. Morgan Properties, the King of Prussia firm headed by Temple University and Republican Party donor Mitchell Morgan, says it has bought the 620-unit Northampton Apartments in Largo, Md., in partnership with DRA Advisors L.L.C., of New York. The seller was Equity Residential, of Chicago, and the price was not disclosed.
“It was our second acquisition of this year in the Maryland-D.C. corridor,” said Jonathan Morgan, the firm’s director of acquisitions and capital markets and son of the founder. In January, Morgan bought the 800-unit Chesapeake Glen in Glen Burnie, Md., also with a partner. Morgan also says it has invested $10 million to upgrade Northwest Crossroads of Randallstown, Md., as it prepares to boost rents. Overall,: we have acquired approximately 3,400 over the last 18 months, of which 2,000 units are comprised of the Maryland-D.C. market and over 1,200 units in Philly,” Jonathan Morgan said.
There has been a recent glut of high-end Washington apartments, but the Morgan firm concentrates on housing working people, who don’t have as much to choose from. Older apartments with “captive” renters can still be purchased at a big discount to the cost of new buildings, he said. “We are planning for the long term,” Jonathan Morgan said. “When you can lock in fixed low-interest-rate financing and buy right, you’ll do just fine.”
A New Copper Canyon Grill is opening in the Glenarden at the Woodmore Towne Center aka near Wegmanns. You’ll recognize Copper Canyon Grill, formerly the Redrock Canyon Grill, if you’ve ever visited the Silver Spring Town Center where it has a location. Copper Canyon Grill’s menu is mostly American with a specialty is wood fire rotisserie chicken. They have gluten free offerings, lunch, dinner and brunch menus that will hopefully carry over to the Glenarden location. See their web site HERE.