Construction is now underway on a new strip retail development in Gaithersburg. Matan Companies announced on April 2 that it has broken ground on a 10,175 SF retail strip at 715 Progress Way, located on a one-acre parcel at the intersection of Montgomery Village Avenue and MD-355. The site already draws significant traffic thanks to nearby national brands like Chick-fil-A and Sheetz.
The new retail space is designed to serve both the surrounding community and a sizable on-site workforce. Directly behind the development sit two 198,000 SF Class A office and industrial buildings, also developed by Matan Companies, which are currently fully leased. Tenants include AstraZeneca, Montgomery County Public Schools, and Daikin Comfort Technologies Distribution.
According to leasing documents, two of the upcoming parcels within the new strip are already leased, though the tenants have not yet been publicly disclosed. In addition to the current project, Matan Companies is marketing three remaining pad sites totaling four acres, offering opportunities for additional retail or commercial development within the same area…