Matan Companies has commenced construction on a new retail strip development in Gaithersburg. The groundbreaking for the 10,175 SF retail center at 715 Progress Way was announced on April 2. Situated on a one-acre parcel at the junction of Montgomery Village Avenue and MD-355, the location benefits from considerable existing foot traffic, driven by neighboring national establishments such as Chick-fil-A and Sheetz.
This upcoming retail complex is strategically designed to cater to both the surrounding community and the substantial workforce present on-site. Directly adjacent to the development are two 198,000 SF Class A office and industrial buildings, also developed by Matan Companies, which are currently at full occupancy. Notable tenants in these buildings include AstraZeneca, Montgomery County Public Schools, and Daikin Comfort Technologies Distribution.
Leasing documents confirm that two of the parcels within the new retail strip have already been leased, although the identities of these tenants remain undisclosed. In addition to the ongoing project, Matan Companies is actively marketing three undeveloped pad sites, totaling four acres, presenting further prospects for retail or commercial expansion within the vicinity.
“We are thrilled to continue enhancing this vibrant destination in Gaithersburg,” stated James Matan, Director of Leasing for Matan Companies. “With robust existing traffic generated by popular brands like Chick-fil-A and Sheetz, combined with superb accessibility, this site represents an exceptional opportunity for retailers.”
The site boasts a prime position along the I-270 corridor, nestled between the Montgomery Village Avenue and Watkins Mill Road interchanges. This strategic placement offers convenient regional access and close proximity to significant employment hubs. As construction progresses, leasing opportunities are actively available for both the inline retail units and the supplementary pad sites.