Lovettsville Square, a 17,381-square-foot retail property in Lovettsville, recently sold for just over $6 million.
The commercial real estate brokerage firm Marcus & Millichap represented the seller and original developer, an affiliate of Elm Street Development and NV Commercial.
The buyer is family-owned James Properties III, LLC, a company which owns retail properties throughout the Washington, D.C. region. They have purchased Phase 1 of the Lovettsville Square development.
Lovettsville Square is located in the center of town. Its developer, NVRetail, planned the project along with the 210-home subdivision in the rear of the property.
Tenants include regional chain Velocity Wings and a recently relocated Anytime Fitness gym.
A second planned phase was sold to an another developer that plans to open a co-op market concept with additional commercial space.
The property was initially put up for sale in March 2020 and initially garnered strong interest, according to representatives from Marcus & Millichap. However, Covid-19 restrictions halted a final sale. The most recent marketing campaign was launched in April and a sale was completed 93 days later.
Asset manager Dominic Vito of James Properties III, LLC told the Times-Mirror the company views Lovettsville Square as a “great asset with a wonderful community.”
“We look forward to maintaining the property and it is a beautiful part of the area. We hope phase 2 breaks ground in the near future,” Vito said.
“We are excited to be a part of Lovettsville,” he added.