Ocean City Outlets_Property for Sale
Ocean City Outlets_Property for Sale
12741 Ocean Gtwy, Ocean City, MD, 21842-9561, US

Ocean City Outlets

Asset description

87% Leased, 199,425 Square foot, open-air shopping center in Ocean City, Maryland, one of the Mid-Atlantic's most popular vacation destinations.


Outlets Ocean City presents a unique opportunity to acquire an exceptional asset within a top Mid-Atlantic vacation destination. The asset features an established rent roll comprised of predominantly national tenancy with high-performance and long-tenure. The opportunity offers a meaningful value-add component due to the supply constrained market, allowing for creative lease-up strategies. The property, with a functional layout and abundant parking, sits in the main commercial retail corridor with high visibility from highway 50.

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Attributes

Building area net
18,527 sm
Occupancy
87%
Year built
1982
Land area gross
8.56 ha

Media

Investment highlights

ESTABLISHED RENT ROLL COMPRISED OF PREDOMINANTLY NATIONAL TENANCY

• 86% of Rental Revenue is derived from National or Regional concepts

• Balanced Rent Roll with no single Tenant accounting for more than 10% of GLA or 9% of Rent

• Tenancy is highlighted by HomeGoods, Old Navy, Under Armour, Coach, American Eagle, Adidas, J. Crew, and Aerie, which have Weighted Average Tenure of 7.6 Years and a Weighted

Average Health Ratio of 3.2%


RARE BALANCE OF HIGH PERFORMING, LONG TENURE TENANTS WITH A MEANINGFUL VALUE-ADD COMPONENT

• The entire Rent Roll has exceptionally strong Health Ratios, proving out Tenant performance and augmenting commitment to the Location

• The Asset has 7.9 Year Tenure, validating performance and providing income security

• 25,386 SF of Vacancy, across four suites, provides the potential to grow Rental Revenue by ~$550,000, providing out-sized 6.4% 5-Yr CAGR Potential


STRATEGIC LOCATION IN TOP MID-ATLANTIC VACATION DESTINATION & SUPPLY CONSTRAINED MARKET

• Ocean City is a Top 10 East Coast Travel Destination per Trip Advisor, and is ranked America's Most-Affordable Fun City per Bloomberg

• At it's peak in July, Ocean City is the second-most populated city in Maryland, behind only Baltimore

• The asset is positioned along highly traversed, but under retailed Ocean Gateway providing outstanding visibility for center Tenancy. Additionally, the configuration of the suites at the asset provides optimum flexibility to lease to a myriad of potential uses


SHOPPER TRAFFIC IS ENHANCED BY ADJACENT SHOPPING CENTER- WHITE MARLIN MALL

• The offering shares an entrance with White Marlin Mall, which drives 2.2 Million additional customers to the area each year, greatly enhancing cross-shopping potential

• Additional immediate submarket concepts Ocean City Fishing Center, Baja Racing & Mini Golf, and Ocean City Paintball combine to create a bustling, experiential retail hub that the Asset drafts off of

Ocean City Outlets 4_Property for Sale
Ocean City Outlets 4_Property for Sale

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Ocean City Outlets (0 Properties)

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Last updated
May 20, 2024