Neuman Commercial Group, LLC has arranged the sale of Denton Plaza, a shopping center adjacent to an 150,000-square foot Super Walmart in Denton, Caroline County, Maryland for $12 million. Denton Plaza straddles Shore Highway / MD Route 404 at Legion Road in the Maryland Eastern Shore. Comprised of almost 100,000 square feet on 12 acres, the recently renovated center is so far 73% leased to 15 national and regional tenants including Rite Aid, Dollar Tree, Mattress Firm, Petco, Great Clips, YMCA, Verizon, Choice One Urgent Care, and Liberty Tax. Recently formed Neuman Commercial Group, led by Principal, Gil Neuman, exclusively represented the seller, Black Oak Associates, and procured the buyer, MidAtlantic Real Estate Investments, Inc.
“Despite investor over-correction in response to national retailer bankruptcies and now Amazon/Whole Foods, well located necessity-based retail centers maintain heavy demand,” stated Gil Neuman, Principal of Neuman Commercial Group, LLC. He added: “The sellers of Denton were rewarded for creating significant value, while the buyer acquired a high-traffic retail draw with immediate further value-add potential.”
Fronting key east-west Shore Highway to/from Eastern Shore beaches, the shopping center receives over 100,000 daily cars in beach season and otherwise is the dominant retail center within a 20-mile radius. The State of Maryland is currently widening Shore Highway / MD Rt. 404 to four lanes from the mainland to accommodate ever increasing traffic to Maryland’s prime vacation destinations at the Rehoboth, Bethany, and Ocean City beaches.
About the Seller: Black Oak Associates
Founded in 1991, Black Oak Associates is an integrated property, development / redevelopment and investment management company operating in the Mid-Atlantic region with approximately 2 million square feet currently owned and managed. The Company specializes in retail and mixed use projects and has acquired properties and land at different stages of development that have required site planning, zoning changes, permitting, access improvements and building construction. Black Oak is focused on sustainability and increasing value through long term ownership. The Company’s management team is experienced in real estate acquisitions, redevelopment, financing and property management with an average of over 26 years in the real estate and financial industries.
About the Broker: Neuman Commercial Group
Neuman Commercial Group formed in 2017 as a highly focused firm specializing in representing sellers of Mid-Atlantic anchored, unanchored, urban, and enclosed mall retail properties. Real Estate Alert has twice (2015 & 2016) ranked Gil Neuman a “Top Retail Broker” on their top nationwide investment sales broker list, while American City Business Journals has twice named Neuman a commercial real estate “Heavy Hitter.”
