Descriptif

Jones Lang LaSalle is pleased to present the opportunity to acquire Damascus Shopping Center - a 143,631 square foot shopping center in Damascus, MD. The Property is anchored by a high-performing Safeway which represents 38% of rental revenue and has 8+ years of remaining term. The Property is leased to an exceptional tenant mix with 77% of the Property’s GLA and 71% of rental revenue derived from national tenants. The Property has a strong history of tenant retention with an average tenure of 14.2 years, and the 4 largest tenants have been at the Property since it was redeveloped from 2008-2012.

Located at the northern tip of Montgomery County - one of the nation’s wealthiest counties - the Property is a community fixture, serving as the premier shopping center with 2.4 million annual visits which ranks in the 84th percentile among neighborhood centers nationally.

Currently 86% leased, Damascus Shopping Center offers future ownership immediate upside via lease-up of 18,563 square feet across 5 suites and 29,571 square feet of shop space with below-market rents. Additionally, two creditworthy single-tenant pad sites leased to McDonald’s on a ground lease and Dunkin’ Donuts / Baskin Robins offer accretive spin-off opportunities.

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Attributs

Superficie du bâtiment nette

13 344 mètres carrés

Occupation

86 %

VALSE

6 années

Média

Points forts de l'investissement

Anchored by High-Performing Safeway with Term through September 2034
Premier Shopping Center in a Wealthy, Supply-Constrained Submarket with No Development in the Pipeline
National Tenants Account for 77% of GLA and 71% of Rental Revenue
Lease-Up of 18,563 SF Represents $525,722 of Incremental Rental Revenue Potential
Below-Market Legacy Tenants with Rents 30% Below Market Offer up to $179,630 of Mark-to-Market Potential
Two Investment Grade Tenants - McDonald's and Dunkin' Donuts / Baskin Robbins - Offer Premier Spin-Off Potential