Overview
Rosso Commercial Real Estate Services has been exclusively retained to sell Georgetown Plaza, a 40,000 Gross SF (2.46 acres +/-) office/retail center located in Annapolis, Maryland. This community neighborhood center provides significant retail exposure to the daily traffic (30,000 + Cars Per Day) passing directly in front each day as they travel to & from the Annapolis Neck to Forest Drive/Eastport/Downtown Annapolis. The center consists of a mix of retail, medical and professional offices. Service oriented businesses to include, but not limited to Main & Market, Dominos, Naptown Nails, Capital Barbershop, Flowers by Donna, Annapolis Family Dentistry, Boyd & Boyd Dentistry, etc.
The Annapolis Neck (South Forest Drive Corridor) is a market of its own outside of Historic Annapolis and Annapolis Towne Centre, and is extremely well established with both enterprising professionals and savvy-suburbanites. Overall, this corridor is near capacity with significant residential and commercial density.
The property is conveniently located and provides three forms of ingress/egress to Bay Ridge Rd. Centered along a strong retail corridor, the asset is surrounded by a premier 5 mile demographics with an average household income of $138,701 and population of 96,476. Strong surrounding demographics contribute to a high demand that outweighs retail supply over a 3 mile radius.
**At the present time, the property is 76% leased and the remaining vacancy has been labeled as "storage/vacant" space and can likely be leased as the same.
To give some backstory here, due to the local gov’t/municipality parking codes, the remaining vacancy is presently encumbered with some current city parking issues that are currently being addressed, which we can further discuss. Therefore, is not readily leasable to retail or office Tenants.
The Ownership has an on-going dialogue with the City P&Z to come to an agreement. Included in the Files is a parking study recently completed that is in process of being delivered to the City Head of P&Z with a meeting scheduled for 11/22. As a result of this meeting, Seller received 'good news' that the local jurisidiction is willing to work with the Ownership and supports the overall goal of the center. Attorney is working on a final parking submission to the City for formal approval.
Obviously, when this parking issue is resolved, additional value can also be unlocked with the lease-up of these spaces (some additional comments on this below, and we can further discuss the same on a call) if there is further interest.**
Investment Highlights
HIGH BARRIER TO ENTRY
Vacancies for retail properties in Bay Ridge/Forest Drive Corridors continue to remain low with a high demand, thus quickly able to backfill these vacancies. Currently, there are three new projects in the pipeline, a redevelopment for Chase Bank, an Age Restricted Senior Living Facility and the other being a development for Lidl. With these future plans for development, this limits the supply for any future competing retail development giving way to high barrier to entry. Within the Greater Annapolis market, retail properties, such as Georgetown Plaza, trade with little regularity and are typically long term holds.
FAVORABLE BASIS
Georgetown Plaza provides:
- 3 access points along the morning side of roadway along Bay Ridge Rd
- Strong mix of diversified tenants
- Favorable B2 zoning (City of Annapolis)
- Strong area demand with overall vacancy below 5% over the last 3 years
- Excellent visibility with large monument signage
- Nearby National/Credit tenants include, but not limited to Starbucks, CVS, McDonald’s, Dunkin Donuts, Giant, & Dollar General.
VALUE-ADD LEASING
- 76% leased *At the present time, the remaining vacancy is labeled as "storage" and likely can be leased as the same*.
- Ability to increase base rents and leaseup vacant storage space to maximize value
- Potential upside for a future owner to convert existing tenants to NNN leases at market rate
Superior Demographics
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