FORT WASHINGTON, MD - A sale, expansion, and new facility all in one? That sounds too good to be true! Or, so I thought, until hearing of Ahold Delhaize-owned Giant Food’s latest move. The company recently announced that its real estate arm has sold a Giant-anchored shopping center to The Velocity Cos. for $5.15 million. Giant Food will remain as a tenant at the center and will soon occupy a newly renovated store.
“Our brand-new store with state-of-the-art amenities, great food, amazing service, and an incredible customer experience reconfirms our commitment to the communities we are very privileged to serve,” Ira Kress, Giant Food President, said. “With over 70 years of serving Prince George’s County, we are eager to rebuild this store and thrilled to continue to support the Livingston Square community.”
According to Washington Business Journal, Retail Business Services, an arm of Ahold, took the lead on this sale. Giant’s new store is expected to be completed in the fourth quarter of 2021, standing at 43,000 square feet with expanded offerings and services.
The buyer, Velocity, plans to add an additional 40,000 square feet to the center, as stated in a news release.
“As a Prince George’s County-based business, we are thrilled to expand our impact in our very own backyard,” Velocity CEO Brandon Bellamy said.
Is this divestment strategy the beginning of a new trend for Giant Food’s growth? Stay tuned as ANUK reports.
