KLNB Retail Investment Sales Group today announced the sale of Easton Marketplace, a 126,650 square-foot grocery-anchored neighborhood center on 18.37 acres in Easton, Maryland for $13,000,000. Andy Stape and Vito Lupo of KLNB Investment Sales exclusively represented the seller, Mears Properties, LLC/Easton Marketplace, LLC, on the transaction, and also procured the buyer, Rise Partners.KLNB Management was secured as property management for the center.
Easton Marketplace is currently anchored by Weis supermarket with junior-anchors Aaron’s and Cato Fashions. The sale also included five subdivided parcels comprising two ground leases – McDonald’s and Ruby Tuesday – Pier 1 Imports, Hair O’ The Dog liquor store and Snifter’s Tasting Room, and a 0.76-acre undeveloped pad.
The property represented a value-add opportunity for investors to immediately increase cash flow through the lease up of a vacant 33,796 SF junior-box, an 8,450 SF space occupied by Sears that is month-to-month, and two-inline vacancies totaling 6,120 SF.The center also benefits from being shadow-anchored by Lowe’s Home Improvement and Kohls, which are separately owned. This is the first acquisition in the mid-Atlantic region by Rise Partners.
“There was a tremendous amount of interest in Easton Marketplace due to the supply-constrained market and the terrific redevelopment potential of the center,” said Lupo. “Rise Partners will immediately capitalize on the value-add opportunity by subdividing the previous JC Penney space and redeveloping it with nationally recognized junior anchors. Deals like this present a tremendous up-side and our knowledge of the market, coupled with terrific client relationships, were key to the success.”
“Easton Marketplace provided us with an excellent chance to enter a market with high barriers to entry, that has the added benefit of serving a large second home market, with additional drive- through traffic from the Washington DC metro en route to the Atlantic beaches”, said Greg Wilson, a Rise partner.
Founding Partner Geoff Smith added, “Easton is such a beautiful and historic community, with easy access to Washington DC and Baltimore. We are all excited to spend time there working to enhance Easton Marketplaces’ longstanding position within the market.”
For press inquiries about Easton Marketplace or KLNB, please contact Roger Mecca at Vitamin: roger@vitaminisgood.com, 410.732.6542.
About KLNB
KLNB is a leading provider of commercial real estate services throughout the mid-Atlantic region. An independently owned and operated commercial brokerage and real estate services firm, KLNB provides a variety of services including tenant and landlord representation, leasing, consulting, investment sales, property management and financing services. More than 80 full-time brokerage professionals work across KLNB’s four offices strategically located throughout the Washington, D.C. / Baltimore region. http://klnb.com
