It is a shopping mall in Maryland.
Description
Shopping mall area of 8,245 m², plot of 28,329 m², was built in 1986.
The building is in good overall condition, there are regular renovationts and sanations.
Occupancy is about 80%.
There are also multiple pad-sites available for all business including a separate office building for medical offices.
The current yield of 6–7%.
There is potential to increase yields by negotiations of the final financial terms with the seller, as well as construction of additional and leasing of vacant leasable space as well as indexing rental rates.
Shopping mall premises are leased out to 11 different tenants, 2 of them are anchor — CVS (more than 7,000 stores in 42 states) and Safeway (stores in 19 states), they rent since 1985, lease agreements extend until 2020, there is an option of extension to 2030 and 2035 respectively.
Several tenants renewed their contracts in 2015. The lease contract are signed until 2016–2020, most have an extension option for five years.
The shopping mall is conveniently located for both the locals and residents of neighboring towns.
A daily traffic count from Washington to Baltimore is greater than 32,000 vehicles per day.
MD Route 194 provides easy access to both local and regional traffic.
