Is the stage being set for a head-to-head C-Store match-up in the Riverside Corporate Park?
Final settlement took place on a 5-acre tract on the east end of the City Frederick twenty-two months after a contract was inked between buyer M&G Realty of York, Pennsylvania and seller Monocacy Commercial, LLC of Ownings Mills, Maryland. The site is the final part of the 18-acre River Run Project in the Riverside Corporate Park that MacRo, Ltd marketed for Chesapeake Realty Partners, the parent arm of Monocacy Commercial.
M&G Realty took title to the property on January 22, 2020 in exchange for a sale price of $2,500,000. The new owner is the real estate branch of the well-known Pennsylvania based Rutter’s, which owns and operates over 70-convenience type stores in the region.
The new store has received site plan approval to construct a new prototype model with a strong emphasis on providing a higher-level restaurant services according to Tim Rutter, President of M&G. The facility will also provide its staple services including fuel, food, and dairy products.
The site is located at the northwest corner of Monocacy Boulevard and Progress Drive, a mere 750 feet north of a very new Royal Farms c-store that opened last year. According to Rutter, he is excited about the challenge to compete for customers who seek the similar services that the two operations offer, while at the same time expanding its clientele base with its expanded restaurant venue.
It is expected that groundbreaking will begin later this year.
Rutters Farm Stores was established in 1967 and has been aggressively expanding into new markets over the last several years. In late February of 2019, the company opened its first Maryland c-store in Walkersville. Bryan Davis associated with the Bethesda, Maryland office of H&R Retail, a ChainLinks company, represented the purchaser in the sale of the transaction.
Chesapeake Realty Partners was represented by MacRo, Ltd. in the Rutter’s deal, as well as the sale of the balance of the 18-acre property, which was sold to St. John Properties in August of 2019. Chesapeake has been actively engaged in all aspects of real estate development for over 72 years – land acquisition, land planning and land development; construction of for-sale housing; construction and operation of residential rental communities; and construction and operation of commercial properties.