Matan Companies Breaks Ground on Strip Retail Development in Gaithersburg, MD

GAITHERSBURG, Md. — Matan Companies announced April 2 the groundbreaking of a 10,175-square-foot strip retail center on a one-acre parcel at 715 Progress Way in Gaithersburg, Maryland, along I-270.

The project is situated at the intersection of Montgomery Village Avenue and MD-355, a node that already hosts established national brands including Chick-fil-A and Sheetz. Construction is underway, and leasing opportunities are available for both inline retail space and three additional pad sites totaling four acres.

Site Context and Adjacent Assets

The strip retail development is positioned in front of two 198,000-square-foot Class A buildings — also developed by Matan Companies — that together total approximately 396,000 square feet. Those buildings are currently 100% leased to a roster of tenants that includes AstraZeneca, Montgomery County Public Schools, and Daikin Comfort Technologies Distribution, Inc.

The on-site workforce generated by the fully leased Class A buildings is expected to support demand for the new retail space.

"We're excited to continue expanding this dynamic destination in Gaithersburg," said Mark Matan, Director of Leasing for Matan Companies. "With strong existing traffic generated by Chick-fil-A and Sheetz, along with excellent accessibility, this site offers an ideal opportunity for retailers."

Location and Access

The 715 Progress Way site is positioned directly along I-270 between the Montgomery Village Avenue and Watkins Mill Road interchanges. The location offers proximity to major employment centers and strong traffic counts, factors that Matan Companies cited as central to the site's retail appeal.

Remaining Pad Sites and Leasing Opportunities

In addition to the inline retail space now under construction, Matan Companies is actively marketing three remaining pad sites totaling four acres at the Progress Way location. The firm described these as offering brand positioning within what it characterized as a fully stabilized corporate and retail environment.

Leasing inquiries for both the inline retail space and the pad sites are currently being accepted by Matan Companies.

Sources

Matan Companies — Matan Companies Breaks Ground on New Strip Retail Development in Gaithersburg, MD