Addition of national fast-casual restaurant chains elevate occupancy of 282,000 square foot neighborhood shopping center, anchored by Giant Food and Lowe’s, to nearly 93% occupancy
National fast-casual restaurant chains Chipotle Mexican Grill and MOD Pizza have signed leases and recently opened at Arundel Plaza, a 282,000 square foot neighborhood shopping center located on 6622 Ritchie Highway in the Glen Burnie section of Anne Arundel County, Maryland. The project is owned and operated by a joint venture between affiliates of MCB Real Estate and Hampshire Companies. Anchored by Giant Food and Lowe’s and featuring four pad sites, the leasing activity elevates occupancy of the project to nearly 93%. Andy Segall of The Segall Group represented Chipotle and Brad Buslick of H&R Retail represented MOD Pizza, with Jarett Parker of MCB Real Estate and Ray Schupp of H&R Retail represented the landlord in each transaction.
Chipotle Mexican Grill is recognized for its menu of burritos, tacos, burrito bowls and salads utilizing high-quality raw ingredients, combined with an interactive experience that allows consumers to customize their meal. Headquartered in Denver, more than 2,400 restaurants are currently open nationwide. MOD Pizza pioneered the fast-casual pizza category with a concept that enables consumers to create pizza to their exact specifications, choosing from signature sauces and 30 different ingredients atop fresh-pressed dough. Custom-made salads are also available at the MOD Pizza, which operates more than 320 locations in 27 states.
“In the current retail environment, restaurants act as mini-anchor stores with their ability to consistently attract traffic to shopping centers across all day parts to maintain the vibrancy of the venues,” explained David Bramble, Managing Partner of MCB Real Estate. “In Chipotle and MOD Pizza, we have added two compelling food concepts with excellent brand recognition that share similar philosophies in community involvement and providing made-to-order meals. Both fast-casual restaurants also address the grab-and-go trend that is attractive among consumers with hectic lifestyles.”
With roadside visibility from Ritchie Highway (MD Route 2), Arundel Plaza is located less than one mile from W. Ordnance Road (MD Route 710) and the Baltimore Beltway (Interstate 695). More than 44,000 vehicles pass the site on a daily basis. In addition, more than 80,000 consumers reside within a three-mile radius of the shopping center including more than 36,000 people during daytime hours.
Last fall, Giant Food and MCB Real Estate completed a twelve-month long redevelopment of the Giant Food store at Arundel Plaza that transformed the former 52,000 square foot store, which originally opened in 1967, into a 66,000 square foot state-of-the-art prototype design. Beginning with the complete demolition of the project, the scope featured a total rebuild of the store and the addition of 14,000 square feet of space to encompass the new meat, seafood, deli and bakery departments; an in-store PNC branch; a Starbucks Coffee operation with seating of more than 60 people; and expanded natural and organic foods sections. This work coincided with the conclusion of infrastructure improvements undertaken by MCB Real Estate, including the expansion of the parking field and a new signalized with left-turn access to improve traffic flow.
“Our goal with Arundel Plaza, as it is with every retail project within our portfolio, is to create a shopping experience that best fits the needs of the local community,” Bramble added. “We continually evaluate each property and tenant mix to monitor trends and local conditions to ensure the completion of this process.”
MCB Real Estate, headquartered in Baltimore, is a privately-held, institutionally-capitalized commercial real estate development and investment firm. Active throughout the Mid-Atlantic region, the company has developed and manages more than six million square feet of retail, industrial, commercial office and mixed-use projects. For additional information visit www.mcbrealestate.com
The Hampshire Companies is a full-service, privately-held real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and super execution, thereby enabling it to create and enhance value in real estate investments. For additional information visit www.hampshireco.com
