February 27, 2017

KLNB’s DC Office Brokers $15.65 Million Sale of Village Greens of Annapolis

-- Fully Leased Property Has Strong Tenant Mix, Including National Credit Tenants CVS, Capital One, CITGO and Celebree Learning Center -- -- Boutique Retail Center is Well Positioned in Supply Constrained Submarket with High Barriers to Entry --

Baltimore, Md. – KLNB, the full-service commercial real estate (CRE) brokerage, property management and real estate services firm, today announced the sale of Village Greens of Annapolis, a 44,617-square-foot boutique retail center, located on Cherry Grove Avenue in Annapolis, Md. The property traded on January 31, 2017 and sold for $15,650,000, which represents a sale price of $350 per square foot. The property was fully leased at the time of sale, occupied by 13 national, regional and local tenants. Andy Stape and Vito Lupo, of the KLNB Retail Investment Sales Group, exclusively represented the seller of the property, Basin Investments, LLC. The duo also procured the buyer, Village Greens SC, LLC. Additionally, KLNB arranged a property management agreement for the purchaser with the firm’s property management arm, Paragon Commercial Property Management.

Village GreensLocated in an affluent neighborhood with limited competition and high tenant demand, Village Greens of Annapolis is a stable investment property with steadily increasing cash flow. It is fully occupied with a mix of synergistic businesses including national credit tenants CVS, Capital One, Celebree Learning Center and CITGO, which comprise 58 percent of the gross leasable area; local dining tenants Ledo Pizza, Matsu Sushi and Soul Bistro; community amenities Cut & Color, Fast Frame and Holly Nails; and medical amenities About Smiles, Evolve Medical Clinic and Miracle Ear.

The boutique retail center is on nearly seven acres and is easily accessible to the approximately 36,200 vehicles that pass the center daily. The community in the three-mile radius surrounding Village Greens is made up of 67,196 residents with an average household income of $110,994 — well above the national average of $77,000. The average household income in the area is projected to increase roughly 2 percent annually through 2021. Due to the large presence of government contractors and agencies in the area, the market is also relatively resilient against economic fluctuations.

“Village Greens of Annapolis is a highly desireable investment property — it is well-designed and of newer construction, located in a prime location within one of the most affluent neighborhoods in the country, and fully leased to a strategic mix of necessity-based tenants that will generate increasing cash flow to the new owner,” said Vito Lupo. “Due to high tenant demand and limited availability, the rental rates in the area are impressive.”

He added, “With high barriers to entry in the submarket and no new retail construction in the pipeline, this center is poised for long-term prosperity.” 

About KLNB

KLNB is the dominant provider of commercial real estate services throughout the mid-Atlantic region. A full-service commercial brokerage and real estate services firm, KLNB provides a variety of services including tenant and landlord representation, leasing, investment sales, property management, financing, and appraisal & valuation services. Headquartered in Maryland, close to 80 full-time brokerage professionals work across KLNB’s five full-service offices located in Towson and Columbia, Md.; Washington, D.C.; and Dulles and Tysons, Va. http://klnb.com

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