The former Iverson Mall in suburban Maryland is likely to be offered up for sale after its owner defaulted on a loan it took out to acquire the Hillcrest Heights retail center in 2014.
A circuit court judge in Prince George’s County issued an order in July to appoint a third party, Black Dog Receiver LLC, to manage and ultimately sell the property, now known as The Shops at Iverson, at the request of Burke & Herbert Bank & Trust, according to court documents. Burke & Herbert holds the debt on the property, with an outstanding balance of about $20.5 million, plus interest.
The property at Branch Avenue and Iverson Street is owned by AWE-AR Iverson Mall LLC, an affiliate of D.C.’s West End Capital, which acquired the roughly 625,000-square-foot office-and-retail development in 2014 for $27 million. The company, in 2017 kicked off a $30 million renovation of the center, located about 1.2 miles west of the Suitland station on Metro’s Green Line, which included common-area upgrades and the addition of new tenants including Chipotle and Wingstop. West End Capital had partnered with Pikesville-based America’s Realty on the project but the latter is no longer involved, according to a representative for America’s Realty, adding that it hasn’t been involved in management since the summer of 2017.
