KLNB retail brokers $20m sale of 210,000 s/f Clinton Plaza shopping center in Clinton, MD
CLINTON, MD — KLNB Retail has brokered the sale of Clinton Plaza, a 210,000 s/f shopping center located at 8899 Woodyard Rd. in Clinton, MD for approximately $20 million. Consisting of Andy Stape and Vito Lupo, the KLNB Retail Investment Sales Team represented the seller, Columbia Regency Retail Partners, LLC, and also procured the buyer, Clinton Investors, LLC, in this transaction. The shopping center is primarily anchored by Kmart which leases approximately 107,000 s/f of space. In addition, there are ten in-line tenants and several pad sites including two quick-service restaurants, Checkers and Popeyes Chicken, the latter ranking among the highest performing locations in the mid-Atlantic region. In addition to the existing tenant base, the property offers a tremendous value-add component in leasing a currently vacant 43,000 s/f junior anchor space at the north end of the property. There is approximately 10,000 s/f of additional space available for lease. Clinton Plaza is positioned near the intersection of Maryland Rte. 5 (Branch Ave.) and Maryland Rte. 223 (Woodyard Rd.). “The new owner has acquired a shopping center in an extremely strong location within the Washington DC metropolitan area that has a well-seasoned anchor and several restaurants that consistently achieve tremendous sales,” said Vito Lupo of KLNB Retail. “Additional leasing activity is expected to occur in the near future, and the ownership group intends to upgrade the overall tenancy of the center over time. All of these activities and market fundamentals will translate to a center that will create long-term value.” Lupo added.