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700-730 Cambridge PlazaCambridge, MD 21613
Cambridge Marketplace
Asset ClassRetail
% Leased97%
68,802 SF neighborhood center | 2018 Development | 6.8 year WALT
overview of deal

Overview

KLNB Retail Capital Markets is pleased to present for sale the fee simple interest in Cambridge Marketplace, a 68,802 SF neighborhood center located in Cambridge, Maryland. The property is 100% occupied by a diverse mix of local, regional and national retailers. Inline square footage is anchored by Sherwin Williams, DaVita Dialysis and Goodwill which is further supported by the pad sites leased to Starbucks, Wendy’s and T-Mobile.

 

Recent long-term extensions by both Goodwill and DaVita offer an 6.8-year WALT for the overall property and the merchandising offers investor a healthy balance of food and beverage, hard and soft goods, fitness, salon and beauty, and medical providing a plethora of traffic drivers. While the Center is 100% occupied, the offering The Offering presents upside and value-add. The compelling opportunities include the ability to construct a 15,624 SF additional anchor on the ready-to-build pad site immediately adjacent to Goodwill and potential future pad site dispositions as each pad

is already a separately subdivided parcel.

 

The subject property is situated in Cambridge’s primary retail node, and is the most visited center in Cambridge, per Placer.ai, capturing consistent neighborhood traffic and serving as a key retail destination for Dorchester County residents. Cambridge Marketplace is shadow anchored by the University of Maryland Shore Regional Health at Cambridge, has convenient positioning on the highly trafficked Ocean Gateway (US-50) seeing 32,442 VPD,and while stable, offers numerous value-add opportunities to investors.

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Investment Highlights

Year Built
2018
Weighted Average Lease Term
6.8 Years
  • 68,802 SF strip retail and pads located directly off Route 50 in Cambridge, Maryland
  • Anchored by Goodwill, DaVita Dialysis and Sherwin Williams, supported by 3 pad sites leased to Starbucks, Wendy’s and T-Mobile
  • Attractive WALT of 6.8 years bolstered by early renewals for Goodwill and DaVita, taking 10-year and 5-year renewals respectively
  • 61% of the Center leased to national credit tenants and/or large regional franchisees
  • Upside remaining; ability to construct a 15,624 SF anchor on a building ready pad site adjacent to Goodwill and future pad site sales as each are already legally subdivided tax parcels
  • Strong submarket drivers in proximity; shadow anchored by $51M University of Maryland Shore Regional Health at Cambridge Facility that opened in 2021 and the $180M Hyatt Chesapeake Bay Resort, 400+ room hotel with conference/meeting capabilities
  • Cambridge Marketplace benefits from 1,000+ linear feet of direct frontage on Route 50 which is the main vehicular artery between DC/Baltimore/Annapolis and the beaches in Ocean City Maryland
  • The center also benefits from a reduced speed limit of 35 mph directly adjacent to the property further increasing visibility
  • Densifying submarket; adjacent residential project, The Tides at River Marsh, will bring approximately 600 residents with high disposable income

90,000 Residents within a 20 minute drive

Total Population
Households
Daytime Population
Average Household Income
3-Mile
16,092
6,838
16,811
$68,752
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700-730 Cambridge PlazaCambridge, MD 21613

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