Overview
Rosso Commercial Real Estate Services has been exclusively retained to sell Ritchie Robinson, a 20,000 SF +/- retail center located in Severna Park, Maryland. This community neighborhood strip center provides huge retail exposure to the daily traffic (55,000 + Cars Per Day) passing directly in front each day as they travel toward Rte.10/Rte.100 to 695 and I-97. The center consists of a mix of retail service oriented businesses, including The Donut Shack (an institution in Severna Park), Verizon Wireless, PItaya Mexican Restaurant, Ava Nails, and Magnolia Wellness.
Severna Park is a market of its own outside of Annapolis, and is extremely established with the enterprising professionals and savvy-suburbanite demographics. This corridor is full and growing with significant residential and commercial density, A+/blue ribbon schools. Severna Park High School (Blue Ribbon School) In addition, this center is close to a top community college in our market, Anne Arundel Community College (AACC).
The property is centrally located at ‘Main & Main’ along Ritchie Highway with providing two forms of ingress/ egress to Ritchie Highway and Asbury Drive. Situated among a strong retail corridor, the asset is surrounded by a premier 5 mile demographic with an average household income of $142,188 and population of 135,795. Strong surrounding demographics contribute to a high demand that outweighs retail supply over a 3 mile radius, not to mention, the high barrier to entry for new retail. Severna Park is expected to continue to increase its density and population.
Investment Highlights
THRIVING RETAIL MARKET
Vacancies for retail properties in Route 2 Corridor South (Severna Park/Arnold) were under the five-year average during the first quarter, and they compressed in the past year. The rate also comes in below the region’s average. Meanwhile, retail rents have risen by 1.9% in the past 12 months.
The development lull presses on in Route 2 Corridor South. Nothing is underway, and nothing has delivered over the past three years due to high barriers to entry.
The retail investment market is not very dynamic in Route 2 Corridor South. Retail properties trade with little regularity, and that remained the case in the past year.
FAVORABLE BASIS
As stated above, due to the lack of inventory, high barriers to entry, Ritchie Robinson provides: » Historically low vacancies » 2 access points along morning side of roadway
along Rt. 2 » Favorable C3 Zoning (AACo.)
VALUE-ADD LEASING
Ritchie Robinson is currently 90% leased with a value-add opportunity to increase rents and backfill vacancy with the ability to add significant value by increasing rents, backfilling vacancy, and potentially updating the facade in future to maximize rents in a significant manner in the future.
NOTE - The property is subject to a perpetual ground lease.
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