KLNB brokered the sale of Crestview Square, a 74,694-square-foot value-add neighborhood shopping center located at 6611 Annapolis Road in Landover Hills, Maryland.
The KLNB Retail Capital Markets team, led by Chris Burnham and Vito Lupo, represented the seller and also procured the buyer, SK Property Management. Crestview Square is located within the dense Annapolis road retail corridor, just two miles from the Washington, D.C. line.
The property is anchored by national destination retailer Value Village, alongside a tenant roster that includes T-Mobile, 7-Eleven, Pizza Hut, and Subway. The center features an average tenant tenure of 18 years. A lack of available retail space in the area helped drive strong competition from the investor community for the asset.
The center is 84% leased, offering the new owner immediate upside with an existing 8,500-square-foot vacancy. “Crestview Square is a tremendous investment opportunity, but the lack of velocity in this corridor, combined with the minimal value-add opportunities, is what made it truly stand out,” said Burnham.
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