KLNB Announces Sale of Powder Mill Station Retail Center
Updated: Sep 25, 2020
Brokerage’s Retail Specialist Secures Full Asking Price For 11,577 SF Property in Beltsville
KLNB, a leading mid-Atlantic commercial real estate brokerage firm, announced today the sale of Powder Mill Station in Beltsville, MD, an 11,577 square foot retail strip center less than two miles north of the D.C. Beltway.
Despite the turbulent market caused by the pandemic, the property was sold at the original asking price of $3,220,000 ($278 PSF). Originally marketed in late 2019, the property garnered 6 competitive offers, several of which were 1031 exchanges. The transaction was closed on July 31, 2020. KLNB exclusively represented the seller, an affiliate of CRC Commercial, the property’s original developers, and also procured the buyer Ayala Vado Group LLC.
Located at 11101–11123 Baltimore Ave. in Beltsville, Powder Mill Station is 100% occupied with 71% of tenant leases running until at least 2024, offering a stable and growing cash flow from the dedicated, community-focused tenant base. Current tenants include Allstate, Boost Mobile, Liberty Tax, several restaurants, and a family dental practice.
With so few retail property transactions occurring in recent months, the sale of Powder Mill Station is a testament to the experience and market knowledge of KLNB’s retail sales team.
“We were thrilled to be able to bring to market an asset with so much investor interest,” says Vito Lupo of KLNB’s Investment Sales Group, who represented the property and the buyer. “Given the current conditions created by the pandemic, we’re particularly excited to be able to successfully close on the transaction at the asking price that was established six months ago. As brokers, it is our responsibility to navigate the unknowns of a deal, and we are thankful to have worked with two parties that put their best foot forward to find solutions to execute on the transaction.”
Built in 1989, Powder Mill Station sits at a signalized intersection, with access to both north and southbound traffic on Baltimore Ave. offering exceptional exposure to over 48,000 vehicles per day (VPD) traveling on US-1. A dense commercial market, the area within 1-mile of the property supports 11,780 employees that work largely in the vast industrial market to the north and south. A historically well-leased retail center, Powder Mill Station has benefited from a wealthy consumer base that boasts over $96,000 in annual income within a three-mile radius. This demographic, which is on pace to increase over 11% through 2024, coupled with an ideal location, has brought a diverse, e-commerce-resistant tenant mix to the center.