R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — May 21 - June 17, 2021 — 17A
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Investor appetite remains strong for well-positioned retail KLNB and Karson & Co. announce $16M sale of former grocery box in Silver Spring, MD
ILVER SPRING, MD — KLNB in conjunction with Karson & Co. an- nounced the sale of 12028 Cher- ry Hill Rd. in Silver Spring, a 64,626 s/f former grocery box, on a 5.5-acre land parcel, for $16 million ($248 PSF). Andy Stape and Vito Lupo of KLNB’s investment sales team, and Ryan Wilner and Michael Patz of KLNB’s leas- ing arm, along with Arden Karson of Karson & Co., rep- resented the seller, Chandler White Oak, LLC. KLNB also procured the buyer, an affiliate of MCB Real Estate LLC . KLNB was initially retained by ownership and Karson & Co. to advise on how to best position the asset once the current tenant vacated the property. Given the firm’s abil - ity to integrate cross-functional platforms, KLNB was able to evaluate the property from both a leasing and sales perspective with a focus on how to minimize the downtime that ownership was carrying a vacant property. S
12028 Cherry Hill Rd. in Silver Spring, MD
“We were able to quickly and efficiently bring in our invest - ment sales team at KLNB to collaborate on strategic recom- mendations for our client,” said Wilner. Adds Lupo, “We came to the decision to market the property to a select group of potential buyers that satisfied the seller’s requirements.” MCB Real Estate, LLC, the eventual buyers, are very ac- tive along the I-95 corridor, and they quickly recognized the unique opportunity this
property presented. “12028 Cherry Hill Rd. demonstrates the strong fundamentals that we typically look for in our acquisitions, this is the sort of quality real estate we love to buy when it becomes avail- able,” said Drew Gorman , a principal with MCB. “Investor appetite for Mid- Atlantic retail properties with robust traffic drivers has re - mained healthy despite the eco- nomic downturn brought by the pandemic,” said Lupo. “As the
recovery accelerates, we expect to see a continued increase in transactional volume.” Located in the densely populated and growing Sil- ver Spring submarket within Montgomery County, one of the Top 20 wealthiest coun- ties in the US, the proper- ty boasts high-performing co-tenants including Target, Kohls, PetSmart, Aldi, and Five Below. Adjacent to the Center is the Viva White Oak development,
a 300-acre, life sciences, mixed- use village. With strategic proximity to the 130-acre head- quarters of the U.S. Food and Drug Administration (FDA) and the new Washington Ad- ventist Hospital (WAH), Viva White Oak will feature 4,400 new residential units, 1.9 mil- lion s/f of office/retail/commer - cial, 2.2 million s/f of research and development space, 2 mil- lion s/f of educational/academic users, and 0.9 million s/f of medical/clinical users. MAREJ ketplace, and a building energy within the industry that will carry it forward in the coming months.” Bolstering this positive out- look, Levin tenants also antici- pate a good year. In the firm’s latest Retail Sentiment survey of store managers, conducted in February, two thirds (66.9%) of respondents said they are optimistic about store perfor- mance in 2021. LMC survey participants were asked what top three drivers they feel will have the biggest impact on their business. Of the present- ed options, the most popular included COVID-19 vaccine rollouts (selected by 68.8%), the further lifting of COVID-19 related restrictions (selected by 63.9%), the economy/consumer confidence (selected by 54.9%), and shifting consumer expec- tations and shopping patterns (selected by 36.1%). MAREJ
Volume exceeds pre-pandemic year to date levels amid strong tenant optimism LevinManagement Corporation reports strong first quarter retail leasing activity, nearing 275,000 s/f
Shopping Center (Commack, NY); and four renewals with Dollar Tree at properties in New Jersey and Pennsylvania. Additionally, a host of tenants recently celebrated grand open- ings, including an expansion by long-time tenant Norman’s Hallmark at Somerset Shop- ping Center (Bridgewater, NJ), and new fast-casual restaurant locations for Popeyes Louisiana Chicken (Woodbridge, NJ) and Five Guys (Delran, NJ). “The first fewmonths of 2021 have seen a continuation of progress that began to manifest last fall,” said Harding. “Our team’s year-to-date leasing achievements demonstrate that well-located, quality properties are attracting desirable tenants and fostering continued rela- tionships with those already in place. The activity also reflects the diversified nature of ten - ants currently out in the mar-
NORTH PLAINFIELD, NJ —Regional retail leasing activ- ity remained strong through
the first quar - ter of 2021, a c c o r d i n g to commer- cial real es- tate services f irm Levin M a n a g e - ment Cor- p o r a t i o n
MatthewHarding
(LMC) ,which reports nearly 275,000 s/f of new leases, re- newals and extensions through the first three months of the year. According to Matthew Harding , chief executive of- ficer, the firm’s Q1 activity outperformed its leasing pace during the same period last year and reflects continued mo - mentum throughout its leased and managed shopping center portfolio. Transactional activity came
Woodbridge, N.J., Mayor John McCormac and members of the Woodbridge Police Department joined the Popeyes team to celebrate the restaurant’s grand opening at the Levin Management leased and managed St. Georges Crossing earlier this year.
from a variety of national, regional and local tenants in the value-oriented, dining and personal service categories – with healthy movement among
traditional retailers as well. Highlights include a trio of new leases with dining tenants and a fourth with a popular spe- cialty food retailer at Mayfair
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