KLNB Retail Capital Markets is pleased to present for sale the fee simple interest in Ballenger Creek Plaza, a 75,605 SF neighborhood shopping center in Frederick, Maryland. The 100% occupied retail center is leased to 13 tenants and anchored by Urban Air Adventure Park with term through May-2031. Urban Air occupies 54% of the GLA while comprising 34% of the base rent with two remaining scheduled rent increases in their primary term, and in each of their two remaining option periods. Complimenting Urban Air is a reliable line-up of local and national retailers including Dollar General, in occupancy since 2014, and Celebree School, in occupancy since 1998. The center benefits from very limited near-term rollover risk, a staggered rollover schedule, and weighted average lease term remaining of 5.9 years
- High performing Urban Air anchored retail center with junior anchors Dollar General and Celebree School
- Attractive cash flow growth with scheduled rent increases and net recovery structures
- Lengthy average tenure of 12+ years and WALT of 5.9 years
- Well maintained with full roof replacements in 2018-2022, each under warranty
- Positioned in extraordinarily dense residential submarket with 14,577 residents in a 1-mile radius
- Located in Frederick County, one of the fastest growing counties in Maryland with a 31% population growth since 2010