In a landmark real estate deal right along Baltimore Avenue, the College Park Shopping Center—a bustling retail staple located steps from the University of Maryland campus—has officially changed hands.

Affiliates of Terrapin Development Co., the real estate development arm of the University of Maryland, joined forces with Chicago-based private equity firm Northpond Partners to acquire the 75,471-square-foot retail and office plaza for $53.05 million. The transaction closed on June 17, facilitated by real estate service firm CBRE.

Situated at the prominent intersection of Baltimore Avenue and Hartwick Road, the center has served as a core hub for both students and residents for decades. It currently houses popular fast-casual staples like Chipotle, Starbucks, and Cava, alongside essential community services including CVS Pharmacy and Bank of America.

For long-time local residents, the deal marks the end of an era: the property was sold by the Freudberg and Rosenfeld families, who owned and operated the retail center for over 40 years.

What’s Next for the Property?

While the surrounding corridor has undergone rapid high-density transformation in recent years, community members won’t see wrecking balls at this location anytime soon.

Ken Ulman, president of Terrapin Development Co. and UMD’s chief strategy officer for economic development, confirmed there are no immediate plans to demolish or redevelop the site. Because the storefront retail spaces are already 100% leased, the joint venture’s primary focus will be:

• Cosmetic and Structural Uplifts: Refreshing and updating the general appearance of the center to better match the sleek modern aesthetic of newer adjacent developments.
• Activating Underutilized Office Space: Marketing and filling the center’s vacant 14,000-square-foot second-floor office space to bring new commercial life to the upper level.

“We’re really pleased with the acquisition,” Ulman said. “It’s just such a centrally located retail and office complex that is so intertwined with the university and surrounding community.”

A Changing Commercial Landscape Along Route 1

The transaction arrives as downtown College Park experiences unprecedented growth and development. Directly across Hartwick Road, massive mixed-use student housing projects like The Aster (anchored by Trader Joe’s and Crunch Fitness) and The Standard have injected over 1,300 new housing units into the immediate block.

The purchase by Terrapin Development Co. also offers a sense of stability for local retail choices. Just a mile up Route 1, the 2023 closure of the iconic Campus Village Shoppes—set to be replaced by a massive mixed-use apartment complex by 2027—raised concerns among residents and students over the loss of long-standing commercial hubs.

By taking direct ownership alongside Northpond Partners, which specializes in operating neighborhood shopping centers, UMD’s real estate arm aims to preserve and modernize one of the town’s most vital economic anchors for years to come.