MYJ Capital Closes $50M Investment in Bowie Town Center: A Strategic Retail Powerhouse
MYJ Capital's Real Estate Department is pleased to announce the successful closing of a $50 million investment in Bowie Town Center, a premier 293,099-square-foot outdoor lifestyle center located at 15606 Emerald Way, Bowie, Maryland. Situated in affluent Prince George's County—ranking in the top 4% of wealthiest U.S. counties with AAA bond ratings from all three major agencies—this acquisition underscores our disciplined approach to institutional-grade retail real estate.
Positioned at the intersection of US Route 301 and US Route 50 within the Baltimore-Washington corridor, Bowie Town Center serves a densely populated trade area of 112,134 residents within five miles, boasting an average household income of $187,455 and 63% college degree attainment. With ±450 hotel rooms, 720,000 square feet of office space, and 1,400 apartment units in the walkable one-mile radius, the center benefits from robust 24/7 demand drivers.
Proven Cash Flow with Compelling Growth Trajectory
This investment delivers immediate income alongside substantial upside. Year 1 NOI stands at $5.92 million, with projected 61.5% NOI growth over 10 years translating to a 5.47% CAGR—attractive metrics for income-focused high-net-worth investors. The property's weighted average lease term (WALT) of 4.3 years provides stability, while a 97.2% leased occupancy reflects operational strength.
The available 8,284 SF pad site—pre-zoned for residential use by the City of Bowie—offers near-term leasing opportunities or long-term repositioning potential. Additionally, the owner holds right-of-first-refusal to purchase the adjacent Best Buy parcel at fair market value, creating embedded optionality.
Anchor Strength Drives Traffic and Stability
Bowie Town Center's tenant mix exemplifies retail resilience. LA Fitness anchors with 30,653 square feet, featuring a three-lane lap pool, 80+ cardio machines with individual screens, dedicated studios, and 80 weekly group fitness classes. Their recent 10-year renewal through 2033 at $15 PSF signals anchor confidence.
Co-anchors Barnes & Noble (longest-tenured at ±23 years) and Off Broadway Shoe Warehouse represent 27.5% of GLA and 14.7% of rental income. These national credit tenants, combined with 35,442 SF of dining (20% of revenue, 12% of GLA), create a self-reinforcing ecosystem drawing customers from Bowie and surrounding trade areas including Glen Dale, Lanham, and Hyattsville.
Value-Add Opportunities at Scale
Recent leasing activity demonstrates the property's capacity to capture higher rents. Starbucks renewed at $80 PSF (38% above prior $58 PSF), Potbelly signed a 10-year lease at $32.67 PSF (10% increase), and JD Sports committed to seven years through 2032 at $30 PSF NNN. New leases for Quickway Japanese ($38 PSF) and LensCrafters ($50 PSF) further illustrate mark-to-market potential.
Off Broadway Shoe Warehouse currently pays $3.99 PSF—nearly 3x below market—representing immediate upside alongside opportunities at Suit and Company, Famous Footwear, Express Factory Outlet, and others. These dynamics position Bowie Town Center for significant near-term income growth while maintaining a stable base.
Strategic Location in Premier Market
Prince George's County's enviable position—25 miles from Baltimore, bordering Washington D.C.—combines suburban quality of life with urban accessibility. The 95,669 daytime population within five miles supports the center's diverse offerings spanning fitness, apparel, dining, beauty, wellness, and services. Dining alone generates 20% of revenue from just 12% of GLA, underscoring food & beverage strength.
Why Retail Real Estate Endures
For sophisticated investors, Bowie Town Center exemplifies retail's enduring role in multi-asset portfolios. Inflation-resilient leases, demographically supported locations, and active management opportunities distinguish dominant centers from commoditized properties. With national credit tenants, recent capital improvements, and multiple value-creation levers, this acquisition aligns with our mandate: delivering superior risk-adjusted returns through market cycle resilience.
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