CBRE Retail Group Brings Retailer to the Shops at Wisconsin
Washington, D.C. – July 19, 2016 – CBRE, Inc. represented Target, the second largest discount store in the U.S., in a transaction to bring the Minneapolis-retailer’s flexible-format option to Bethesda, MD. The 35,500 sq. ft. first floor space will be located at the Shops on Wisconsin, a Douglas Development-owned shopping center. Set to open in early 2017, this flexible-format store follows a national trend of large format retailers rolling out smaller concept stores in urban locations.Bethesda has an influx of high-income residents who reside in luxury condo and single-family housing. It is also home to several major companies, including the Microsoft and Ritz Carlton headquarters, all contributing to an elevated concentration of daytime population, which this Target will serve.
According to CBRE’s Tech Talent report, walkable neighborhoods that offer a live, work, play environment of amenities are particularly appealing to the millennial workforce. The Shops on Wisconsin are easily accessible by the Red Line Metro, I-495 and offers parking for Target’s customers.
“This location is paramount for Target to serve the needs of a growing, vibrant population who does not currently have many other options that large format retailers offer. Target’s ability to be flexible in its size has opened up some incredible retail opportunities throughout the urban markets in DC, Maryland, and Virginia,” said Michael Zacharia, Senior Vice President.
Currently there are 19 other flexible-format Target stores across the U.S. in more urban areas and the Bethesda Target will be the third location in the D.C. Metro region behind Rosslyn, VA and College Park, MD.
CBRE’s Michael Zacharia represented Target in this transaction.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.