Overview
KLNB Retail Capital Markets is pleased to offer for sale The Market Commons at Worman’s Mill, a ground floor multi-tenant retail asset in Frederick, Maryland. The offering is located within a dense and expanding retail node, surrounded by dominant national submarket anchors including Wegmans and Walmart. Developed in 2023, the subject property consists of four fully leased retail suites situated on the ground floor of Bainbridge Market Commons, a 344 unit newly constructed luxury multifamily community. The offering presents an investor with a rare opportunity to acquire a stabilized retail asset, with a strong weighted average lease term of 9.1 years, supported by built-in residential density, exceptional surrounding co-tenancy and a rapidly expanding submarket.
Investment Highlights
- 100% occupied multi-tenant retail offering with an attractive 9.1-year WALT
- Tenancy is comprised of balanced mix of nationally recognized brands and established regional operators, Paris Baguette and Salon Lofts accountant for approximately 70% of the total GLA
- Surronded by strong national retailers including Walmart and neighboring Wegmans, Frederick’s dominant grocery anchor, which generates approximately 1.6 million annual visits per Placer.ai
- Supported by strong demographics with robust population growth; 56,018 residents with average household incomes of $138,000+ within a 3-mile radius and expected population growth of 2.26% over the next 4 years
- Located in the larger 344-unit Bainbridge Market Commons development that was completed in 2023, offering investors a built-in customer base and a modern, ground-floor retail asset with minimal deferred maintenance
- Situated amongst multiple residential communities, including the subject property, Towns at Market Commons, and The Retreat at Market Square, are located within walking distance and collectively comprise approximately 655 units
Built-in Residential Density
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