Zuckerman Gravely has secured $50.75 million to refinance Potomac Place Shopping Center, an 80,000-square-foot, Class-A grocery anchored retail center in Potomac, Md., a suburb just outside of Washington, D.C., Commercial Observer can first report. 

Nationwide Life Insurance Company provided the debt, structured as permanent fixed-rate financing with a seven-year term. Northmarq’s Jason Smith and Kenneth Gentzel arranged the transaction. 

In a statement, Smith described the asset as holding a strong retail base with long-time occupants that have generated “robust tenant sales” from a wealthy demographic cohort of residents from Potomac and nearby Chevy Chase and Bethesda, Md. 

“Located within the heart of Potomac, Maryland, Potomac Place Shopping Center is arguably the most valuable retail center in the region,” said Smith. 

Located at 10122 River Road in Potomac, near Route-90 and the Washington, D.C., beltway of Highway-495, Potomac Place Shopping Center opened in 1967. Current tenants include Safeway, Walgreens, Starbucks, Chipotle, M&T Bank and PNC Bank. 

Brian Pascus can be reached at bpascus@commercialobserver.com.