KLNB Retail Investment Sales Group secures $11M Washington, DC area shopping center sale
Upper Marlboro, MD — KLNB, one of the Mid-Atlantic region’s largest privately held CRE brokerage firms, announced the $10.8 million 5715 Crain Hwy. in Upper Marlboro. The KLNB Retail Investment Sales Group of Vito Lupo, Chris Burnham, Andy Stape and Jake Furnary represented the seller, Marlboro Investors, LLC in the transaction of the 92,649 s/f shopping center. Renaud Consulting represented the purchaser.
Anchored by a freestanding 37,981 s/f Weis supermarket, the 19-unit property is 100% leased with a strong mix of retail tenants that are well suited for the surrounding neighborhood demographics. These tenants include junior anchors Advanced Auto and Dollar Tree, and a variety of brands that encompass fitness, personal healthcare, food and beverage, and eyecare. In addition, there is approximately 10,800 s/f of vacant land directly adjacent to Weis providing additional development potential.
Despite a lending environment that continues to present challenges, and Weis’ relatively short remaining lease term, KLNB’s Retail Investment Sales Group secured seven first-round offers, leading to a competitive bidding environment for the seller.
“While grocery-anchored centers are an attractive asset class, the short term nature of Weis made this sale particularly challenging,” said KLNB’s Vito Lupo. “It takes a dedicated group of brokers to uncover the most qualified buyers and aggressive bids. Our firm understands the market, knows the submarket fundamentals, and has unrivaled expertise in the dynamic retail sector. As a result, we analyze each property we sell through both a leasing and sales lens, allowing us to position each listing in such a way that we can overcome property-specific hurdles and execute on complex transactions for our clients.”
This is the second transaction KLNB has facilitated for ownership. Partnering with clients on successive transactions is a common occurrence for the KLNB Investment Sales Group and is a testament to the professionalism and unmatched knowledge of the team.
“Marlboro Square has been a solid asset for ownership since we acquired it in 2017,” said Adam Steuer of Versa Real Estate, one of the sellers of the asset, “KLNB did an excellent job of marketing the center, vetting prospects, and making sure the deal got across the finish line. As an out of state operator, we relied on KLNB to bring the asset to fruition for the partnership.”
With limited competition in the surrounding market, and only five other grocery stores in a five-mile radius, Marlboro Square serves as a central retail hub for the community. Marlboro Square is in the county seat of Prince George’s County and 11 miles from Washington, D.C. The property is positioned along Crain Highway, and with direct access from Pennsylvania Avenue, the property enjoys nearly 100,000 VPD.