Assignment – Quarterfield Crossing 2018-12-10T09:59:30+00:00

BALTIMORE-WASHINGTON MSA

QUARTERFIELD CROSSING

  • COST UNPRICED
  • NOI $4.27M
  • OCCUPIED 100%
  • ACRES 76.67
  • SQUARE FEET 624,223
OFFERING MEMORANDUM

INVESTMENT SUMMARY

The Chetek Group of Marcus & Millichap, as exclusive advisor, is pleased to present the exceptional opportunity to acquire Quarterfield Crossing (“The Property”) – a 100% leased, 624,223 square-foot Class “A” Trophy Power Center, situated on 76.67-acres of land. Located in the affluent city of Severn, Maryland, The Property is 25-miles northeast of Washington D.C., 20-miles south of Baltimore, and 1-mile south of the Baltimore/Washington International Thurgood Marshall Airport.

Quarterfield Crossing was constructed in 2007-2008 and features 8-ground leases – including a very high performing 218,565 square-foot Walmart Supercenter, Sam’s Club, Lowe’s, Kohl’s, Rite Aid (which will be converted to a Walgreens), Chick-fil-A, a Capital One Retail Bank, and an American Tower wireless communications tower. All of the big box ground leases have an average of 10-years of initial lease term remaining, with rent increases in the option periods. In addition to the 8-ground leases, The Property offers a fee-simple interest in a 2-tenant strip center leased to La-Z-Boy Furniture and AT&T.

Eight of the ten tenants have an investment grade credit rating.

A major benefit to The Property is that the big box ground lease rental rates are some of the lowest rents per square-foot that these tenants pay nationwide, while all of these stores are among some of their top performers across the country. Quarterfield Crossing’s average ground lease rental rate for Walmart, Sam’s Club, Lowe’s, and Kohl’s is $0.88 per square-foot of land area and $4.82 per square-foot of building area.

All 8-ground leases and the 2-tenant strip center are individually deeded with no co-tenancy provisions, creating significant upside to The Property.

INVESTMENT HIGHLIGHTS

10 Total Tenants: 8-Ground leases & 2-NNN Leases.

100% occuiped.

NOI = $4,270,211

Big box ground leases include – Walmart Supercenter, Sam’s Club, Lowe’s and Kohl’s.

10-years of average big box lease term remaining.

Below market rents, high performing stores.

25-miles north of D.C. and 20-miles south of Baltimore.

Directly off I-97 with access to 3-major highways.

Over 270,000 vehicles pass The Property per day.

5-mile population of 137,000, 10-mile population of 753,000 with household incomes of $114,000 and $103,000, respectively.

1-mile population has grown more than 60% in the last 5-years

All parcels are individually deeded with no co-tenancy provisions creating significant upside.

OFFERING MEMORANDUM