AmCap Acquires Montgomery Village Plaza in the Washington DC MSA for $38.1 million
On November 14, 2014, AmCap, Incorporated acquired Montgomery Village Plaza (MVP), a grocery-anchored shopping center in Gaithersburg, Maryland, on behalf of one of its institutional investors for $38.1 million. The center features nationally-regarded retailers including Marshalls, Trader Joe's, Rent-A-Center, Dollar Tree, and Petco Unleashed. MVP measures 116,199 square feet of GLA and is currently 100% occupied.
The City of Gaithersburg is one of the most desirable places to live in the Washington DC metropolitan area, centrally located in the heart of the MD 355/I-270 Technology Corridor. The property is a premier shopping destination to over 279,000 people that live within a five-mile radius of the center, who on average make in excess of $110,000 annually. MVP is also in close proximity to the Lakeforest Mall, a mixed-use redevelopment which is expected to feature an approximate 400,000 square foot regional town center and up to 1,000 multifamily units at full build out.