ANNAPOLIS ROAD RETAIL CENTER - INVESTMENT SALES OFFERING MEMORANDUM
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ANN A P OL IS ROA D RETAIL CE NTE R
INVESTMENT SALES OFFERING MEMORANDUM
CONTACT
INFORMATION
ISG
INVESTMENT SALES GROUP
CHRIS BURNHAM
443.632.2044
cburnham@klnb.com
VITO LUPO
202.652.2334
vlupo@klnb.com
ANDY STAPE
202.652.2335
astape@klnb.com
JAKE FURNARY
202.420.7767
jfurnary@klnb.com
ISG
INVESTMENT SALES GROUP
TABLE OF CONTENTS I . E X E C U T I V E S U M M A RY I I I . F I N A N C I A L A N A LYS I S 01. INVESTMENT HIGHLIGHTS 10. RENT ROLL 0 2 . E X E C U T I V E S U M M A RY 1 1 . 1 0 Y E A R C A S H F LOW 0 3 . I N V E S T M E N T OV E RV I E W 1 2 . L E A S E A B S T R AC T S 05. SITE PLAN 1 8 . T E N A N T OV E RV I E W I I . M A R K E T I N F O R M AT I O N 06. MARKET AERIALS 0 9. R E G I O N A L M A P 1 9. LO C AT I O N OV E RV I E W 21. DEMOGRAPHICS
INVESTMENT HIGHLIGHTS
S TAG G E R E D L E A S E R O L LOV E R
AT T R AC T I V E T E N A N T M I X W I T H LOYA L T E N A N C Y
CO N S I S T I N G O F F O U R S T R O N G
The property has a weighted average lease term (WALT) of 7.25
N AT I O N A L A N D R E G I O N A L T E N A N T S years remaining coupled with a staggered lease rollover schedule
W I T H LO N G -T E R M O CC U PA N C Y with varying expirations from Nov-2026 thru March-2033, allowing
AutoZone, term through 2031, and 7-Eleven, in occupancy for over for an investor to hedge their rollover risk over the next 10 years.
52 years, are both corporately guaranteed leases, providing surety of Check Cash Depot – with the shortest lease term, has previously
cashflow. The Lube Center has over 30 locations and Check Cash Depot exercised all lease options and benefits from a two lane drive-thru.
has over 75; both experiencing rapid growth in the mid-Atlantic.
P R OX I M I T Y TO M E T R O,
E CO N O M I C D R I V E R S , A N D
PA S S I V E I N V E S T M E N T W I T H L I M I T E D S T E A DY E M P LOYM E N T B A S E
E X P E N S E E X P O S U R E TO L A N D LO R D Superb location in the highly sought-after DC metro market.
All leases are Triple Net (NNN) except for AutoZone which is Within walking distance to the New Carrollton metro station
Double-Net (NN). AutoZone has a new roof as of 2011/2017 (orange line) and the new purple line (under development)
minimizing any potential expense to landlord for the foreseeable which will continue to shape the surrounding Annapolis Road
future. The Lube Center has invested over $600,000 into their corridor. In addition, the property is in the vicinity of the MARC
building after signing a long-term lease in 2018. The only Train, Amtrak (3rd highest usage in Maryland), I-95 and I-495.
reoccurring landlord expense is the ground rent for ground lease. The property is also within a half-mile of the IRS Headquarters.
S T R O N G R E S I D UA L VA LU E I N A H I G H
B A R R I E R TO E N T RY S U B M A R K E T LO C AT E D I N A D E N S E A N D
G R OW I N G S U B M A R K E T
Rare opportunity to acquire 13,948 square feet across four freestanding buildings
located on a prime 2.15-acre site, situated at the signalized hard corner of Dense and affluent demographics with more than
Annapolis Road and Finns Lane. This heavily trafficked corner is ripe for potential 300,000 residents earning an Avg HH income of over
redevelopment in the future, as seen by an influx of recent neighborhood $94,000 within a 5-mile radius of the subject property.
developments and unique and desirable M-X-T & TDOZ zoning designations. Numerous new and planned multi-family projects are
located within proximity, including multi-phased project
PRIME INTERSECTION OF “The Remy”, a 556-unit new multifamily development
across the street, and the planned redevelopment of
A N N A P O L I S R OA D A N D F I N N S L A N E New Carrollton Plaza located across the street which is
This corner sees over 50,000 vehicles per day and the subject property is undergoing rezoning to allow for 220 apartment units .
located directly off Annapolis Road, the submarkets main retail corridor
connecting Washington DC and Maryland. Finns Lane provides direct access
to the dense residential communities to the north of the property.
| ANNAPOLIS ROAD RETAIL CENTER | 1
N E T O P E R AT I N G I N CO M E
EXECUTIVE SUMMARY
$413,282
THE OFFERING
LO C AT I O N The KLNB Retail Investment Sales Group (ISG) is pleased to exclusively present for
sale the Annapolis Road Retail Center, a leasehold investment opportunity consisting
7732-7740 & 7730 Finns Lane of 13,968 SF across four single-tenant properties, 100% leased to AutoZone, 7-Eleven,
Lanham, MD 20706 The Lube Center, and Check Cash Depot. The subject property is located on a 2.15
acre parcel of prime real estate in Lanham, Maryland, an extremely dense and rapidly
growing suburb of Washington, D.C. The property offers investors the opportunity to
GROSS LEASABLE AREA acquire the leasehold interest in this asset which is subject to a long-term ground lease
13,968 SF with 40+ years remaining, and high residual value located 4 miles from Washington DC.
R E TA I L O CC U PA N C Y
100%
PRICE
$7,187,513
C A P R AT E
5.75%
Y E A R B U I LT / R E N OVAT E D
1967 / 1971 / 2017 / 2019 / 2021
LAND AREA 3-MILE DEMOGRAPHICS T R A F F I C CO U N T S
2.15 Acres
AVG. HH AVG. HH ANNAPOLIS
INCOME
POPULATION
INCOME
GROWTH ROAD
134,887 $88,174 1.99% 50,240 VPD
| ANNAPOLIS ROAD RETAIL CENTER | 2
INVESTMENT OVERVIEW
S T R O N G N AT I O N A L & R E G I O N A L T E N A N T M I X
The offering consists of four free-standing retail buildings, all of which are operating on
long term leases with strong contractual rent increases. 7-Eleven, on a corporate lease,
occupies the northern most building, and has been in occupancy since 1970 with rent
set to increase 10% in Jun-2024 and term through May-2027. To the south, Check Cash
Depot penned their lease in 2016 and has exercised all remaining options through
Nov-2026, demonstrating their commitment to the location, one that benefits from two
drive-thru lanes and position at the intersection of Annapolis Road & Finns Lane. The
tenant also operates a Metro by T-Mobile location on-site and has 3% annual increases.
One of two automotive uses on-site, AutoZone, joined the center in 2016 on a corporate
15-year lease with four 5-year options and 10% increases every 5 years. AutoZone is
the only tenant with any Landlord responsibilities, of which the Landlord is responsible
for Roof & Structure. Rounding out the tenancy is The Lube Center, a drive-thru oil
change and preventative maintenance use, with long lease term remaining through
Mar-2033 and healthy 2.5% annual increases. The Lube Center has invested over
$600,000 into their space and operates 3 drive-thru lanes at the property.
TREMENDOUS DENSITY & CAPITAL
INFLUX IN SUBMARKET
Annapolis Road Retail Center is in Lanham, Maryland, a suburban, bedroom
community situated approximately 4 miles northeast of Washington, D.C. at the
northern portion of Prince George’s County. Home to a dense and affluent consumer
base with more than 134,000 residents earning an average household income of
$88,174 within a three-mile radius, the retail center is insulated by recent
multi-family developments in the immediate submarket, including The Remy – a
278-unit development completed in 2017 with phase 2 delivered in 2022, adding an
additional 278-units for a total of 556 units and the Hilltop Apartments, comprised
of 466 units renovated in 2016. Additional multi-family projects within the trade area
include The Heritage Square Apartments, Fountain Club, The Margaux, and 8 other
substantial communities, totaling more than 3,200 multifamily units.
| ANNAPOLIS ROAD RETAIL CENTER | 3
INVESTMENT OVERVIEW
U N B E ATA B L E LO C AT I O N A N D
ACC E S S I B I L I T Y TO E CO N O M I C D R I V E R S
Annapolis Road Retail Center is strategically positioned one-mile inside the Capital
Beltway (I-495), the primary commuter thoroughfare that encircles Washington,
DC and connects Montgomery, Prince George’s, and Fairfax Counties. The property
sits on 2.15 acres with direct frontage along state highway Route 450/Annapolis
Road, a major east-west thoroughfare which carries 50,240 vehicles per day and
is located at the signalized intersection between Annapolis Road and Finns Lane.
Proximate to public transportation, it is located less than a half-mile from the
New Carrollton Amtrak Station and New Carrollton Metro Station, the last station
servicing the east-bound Orange line, providing direct access to Washington D.C.
The New Carrollton Metro Station saw pre-pandemic daily riders approaching 6.7K
with Amtrak totaling 185,930 annual riders, the 3rd largest figure in the state of
Maryland, trailing only Baltimore and BWI Thurgood Marshall Airport. Furthering
east-west connectivity in the neighborhood, the property is a half-mile from the
Glenridge stop of the Purple Line Metro, which is currently under construction.
D O M I N A N T CO M M E R C I A L CO R R I D O R
W I T H LOW S U B M A R K E T VAC A N C Y
Located in a dense commercial corridor, the immediate submarket within 1-mile is
comprised of 8.6M SF of commercial real estate, 1.1M SF of which is retail product.
Complementary shopping centers in the neighborhood include The Shoppes at New
Carrollton, Glenridge Center, Carrollton Shopping Center, Lanham Crossing Shopping
Center, Defense Shopping Center and New Carleton Plaza Center. Together, these
centers are occupied by regional and national retailers including Giant, Lowe’s, Value
City Furniture, CVS, and Shoppers, among others. Additional retailers along Annapolis
Road include Aldi, TJ Maxx, Citi Trends, Dollar General and Walmart, all with seamless
access to the subject property. Directly across the street, a former KFC has been leased
to expanding retailer Pollo Campero which further proves the demand and leasing
velocity of this submarket. Retail vacancy in this corridor is an impressive 3% due to
the immense density in the submarket and large economic drivers in the trade area.
| ANNAPOLIS ROAD RETAIL CENTER | 4
SITE PLAN
FINNS LANE
ANNAPOLIS ROAD (50,240 VPD)
| ANNAPOLIS ROAD RETAIL CENTER | 5
MARKET AERIAL
7.4M SF OF INDUSTRIAL,
FLEX, AND OFFICE SPACE
IRS HEADQUARTERS
THE REMY - PHASE 1
THE REMY - PHASE 2
METRO LINE
278 UNITS
COMPLETED 2017 278 UNITS
COMPLETED 2022
NEW CARROLLTON
(COMING SOON)
ANNAPOLIS ROAD
RETAIL CENTER
ANNAPOLIS ROAD (50,240 VPD)
FINNS
LANE
| ANNAPOLIS ROAD RETAIL CENTER | 6
MARKET AERIAL
WASHINGTON DC
4 MILES AWAY
GLENRIDGE
SHOPPING CENTER
GLEN RIDGE
(UNDER CONSTRUCTION)
ANNAPOLIS ROAD
RETAIL CENTER
(COMING SOON)
FINNS LANE FINNIAN’S COURT
57 UNITS
)
0 VPD
(50,24
ROAD
POLIS
ANNA
| ANNAPOLIS ROAD RETAIL CENTER | 7MARKET AERIAL
THE SHOPPES AT CARROLLTON
NEW CARROLLTON SHOPPING CENTER PLAZA 30
DEFENSE
SHOPPING CENTER
495 THE REMY - PHASE 1
278 UNITS
COMPLETED 2017
HERITAGE SQUARE
APARTMENTS
504 UNITS THE REMY - PHASE 2
278 UNITS
COMPLETED 2022
ANNA
ANNAPOLIS ROAD
FINNIAN’S COURT RETAIL CENTER
57 UNITS
POLIS
ROAD
(COMING SOON)
(50,2
40 V
PD)
FINNS LANE
| ANNAPOLIS ROAD RETAIL CENTER | 8REGIONAL MAP BEVERLY
FARMS
MONTGOMERY
SQUARE
CONNECTICUT
AVENUE
ESTATES
OLD
GEORGETOWN WHITE OAK
ESTATES CALVERTON
LAKE
NORMANDY 295
ESTATES
LUXMANOR PINE HILL
FOX HILLS
270 95
KEMP MILL
BELTSVILLE
HILLANDALE
PARKSIDE
29
NORTH
BELLS MILL BETHESDA
WILDWOOD
MCAULEY HILLS JERICHO
PARK PARK
POTOMAC
FOREST OAKVIEW
GLEN
POOKS HILL
DUCKETTSVILLE
ADELPHI SPRINGHILL
AVENEL LAKE
FAWSETT
ROSEMARY
495 GREENBELT
FARMS SILVER
HILLS SPRING
LANGLEY
PARK
GODDARD
GLENN DALE
BETHESDA
TAKOMA
ANNAPOLIS ROAD
COLLEGE HIGH BRIDGE
PARK COLLEGE PARK
CROPLEY ESTATES
HEIGHTS
CARDEROCK 495 ESTATES
CHEVY
CHASE
TERRACE
1 295
RETAIL CENTER
NEW
FRIENDSHIP
VILLAGE
MANOR PARK CHILLUM
EAST
CARROLLTON 450
RIVERDALE
BRIGHTWOOD
HOLMEHURST
HYATTSVILLE
TENLEYTOWN
PETWORTH DEFENSE
HEIGHTS 50
BLADENSBURG
MCLEAN MT RAINIER
DODGE PARK
WESLEY PARK VIEW GLENARDEN
MT
HEIGHTS
PLEASANT
COLUMBIA
TYSONS HEIGHTS CHEVERLY
WOODMORE
CORNER
GLOVER
PARK
PALMER
LEDROIT 1 50 PARK
PARK
PIMMIT HILLS
WASHINGTON, DC
LAKE ARBOR
TRINIDAD
LEE HEIGHTS
GARDEN CITY
DEANWOOD CARMODY
DUNN LORING LYON HILLS
IDYLWOOD VILLAGE
DOMINION
HEIGHTS
66 BENNING
HEIGHTS
ARLINGTON
SEAT KETTERING
FALLS
66 MARSHALL
PLEASANT
CHURCH HEIGHTS
BALLSTON
WASHINGTON
NAVY YARD WALKER MILL
BUCKINGHAM OAK GROVE
SEVEN
CORNERS
CORAL HILLS
ANACOSTIA
JEFFERSON DISTRICT
NATIONAL LANDING
ARLINGTON
VILLAGE HEIGHTS
ADDISON
HEIGHTS
BERKSHIRE
LAKE
DOUGLASS
BARCROFT
495
WESTPHALIA
FORESTVILLE
MARLOW
395 HEIGHTS
ACCOTINK FORT WARD HILLCREST
HEIGHTS HEIGHTS
HEIGHTS
WASHINGTON
ANNANDALE HIGHLANDS
ANNANDALE TEMPLE
TERRACE HILLS
CAMP
BROOKVILLE SPRINGS
| ANNAPOLIS ROAD RETAIL CENTER | 9Option Terms in Bold Text Rent
RENT ROLL Recoveries
Unit Tenant Area Commence Expiration Date Annual Monthly PSF Inc. Over Prior CAM & Ins. RE Tax Options
7730 7-Eleven 2,640 6/1/70 5/31/27 6/20 117,988.08 9,832.34 44.69 - NNN NNN 1x5
6/24 129,786.00 10,815.50 49.16 10.00%
6/27 142,764.60 11,897.05 54.08 10.00%
7732 Check Cash Depot 2,168 12/1/16 11/30/26 12/21 86,945.55 7,245.46 40.10 - NNN NNN -
12/22 89,553.92 7,462.83 41.31 3.00%
12/23 92,240.54 7,686.71 42.55 3.00%
12/24 95,007.75 7,917.31 43.82 3.00%
12/25 97,858.00 8,154.83 45.14 3.00%
7738 AutoZone 7,200 9/1/16 8/31/31 9/21 181,000.00 15,083.33 25.14 - NN NNN 4x5
9/26 199,650.00 16,637.50 27.73 10.30% LL Resp. Roof
9/31 219,615.00 18,301.25 30.50 10.00% & Structure
9/36 241,576.00 20,131.33 33.55 10.00%
9/41 265,734.00 22,144.50 36.91 10.00%
9/46 292,308.00 24,359.00 40.60 10.00%
7740 The Lube Center 1,960 4/1/18 3/31/33 4/22 110,315.64 9,192.97 56.28 - NNN NNN 2x5
4/23 113,073.48 9,422.79 57.69 2.50%
4/24 115,900.32 9,658.36 59.13 2.50%
4/25 118,797.84 9,899.82 60.61 2.50%
4/26 121,767.84 10,147.32 62.13 2.50%
4/27 124,812.00 10,401.00 63.68 2.50%
4/28 127,932.36 10,661.03 65.27 2.50%
4/29 131,130.60 10,927.55 66.90 2.50%
4/30 134,408.88 11,200.74 68.58 2.50%
4/31 137,769.00 11,480.75 70.29 2.50%
4/32 141,213.36 11,767.78 72.05 2.50%
4/33 144,743.64 12,061.97 73.85 2.50%
4/34 148,362.24 12,363.52 75.70 2.50%
4/35 152,071.32 12,672.61 77.59 2.50%
4/36 155,873.04 12,989.42 79.53 2.50%
4/37 159,769.92 13,314.16 81.52 2.50%
4/38 163,764.48 13,647.04 83.55 2.50%
4/39 167,858.28 13,988.19 85.64 2.50%
4/40 172,054.68 14,337.89 87.78 2.50%
4/41 176,356.08 14,696.34 89.98 2.50%
4/42 180,765.00 15,063.75 92.23 2.50%
Total Occupied 13,968
Total Vacant 0
Total GLA 13,968 | ANNAPOLIS ROAD RETAIL CENTER | 1010 YEAR CASH FLOW
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
For the Years Ending Jul-2023 Jul-2024 Jul-2025 Jul-2026 Jul-2027 Jul-2028 Jul-2029 Jul-2030 Jul-2031 Jul-2032 Jul-2033
Occupancy 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Rental Revenue
Base Rental Revenue $498,905 $506,322 $521,736 $527,489 $552,651 $571,085 $577,312 $583,716 $590,300 $617,717 $637,052
Absorption & Turnover Vacancy $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Scheduled Base Rental Revenue $498,905 $506,322 $521,736 $527,489 $552,651 $571,085 $577,312 $583,716 $590,300 $617,717 $637,052
Other Revenue $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Expense Reimbursements $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Potential Gross Revenue $498,905 $506,322 $521,736 $527,489 $552,651 $571,085 $577,312 $583,716 $590,300 $617,717 $637,052
Vacancy Allowance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Effective Gross Revenue $498,905 $506,322 $521,736 $527,489 $552,651 $571,085 $577,312 $583,716 $590,300 $617,717 $637,052
Operating Expenses
Ground Rent $85,623 $85,623 $85,623 $85,623 $85,623 $88,192 $88,192 $88,192 $88,192 $88,192 $90,837
Total Operating Expenses $85,623 $85,623 $85,623 $85,623 $85,623 $88,192 $88,192 $88,192 $88,192 $88,192 $90,837
Net Operating Income $413,282 $420,699 $436,113 $441,866 $467,028 $482,893 $489,120 $495,524 $502,109 $529,525 $546,215
Notes:
1) Cash flow model commences August 1, 2022
2) Ground Rent is increased on a CPI basis every 5 years and next increase is slated for August 1, 2022. Current projections are estimations for future CPI increases and 8/1/22 CPI increase is assumed to be a 17.5%
increase as of April 2022. CPI increase effective 8/1/2027 is assumed to be at 3%.
3) We have assumed 7-Eleven exercises their renewal in 2027 and Check Cash Depot is assumed to renew their lease for life of analysis at a 3%/year increase
| ANNAPOLIS ROAD RETAIL CENTER | 11LEASE ABSTRACT - GROUND LEASE
LESSEE Finn/Lanham LLC
LESSOR Robert M Bradshaw and Geraldine T. Bradshaw
ADDRESS Intersection of Finn’s Lane & Annapolis Road, Lanham, MD
TOTAL AREA Originally 2.966 acres of land and now 2.15 acres of land (due to widening of street)
LEASE TERM Ninety Nine (99) Years
LEASE COMMENCEMENT 7/17/1962
LEASE EXPIRATION 7/31/2061
RENT COMMENCEMENT 8/1/1962
For the next ensuing ninety-eight (98) years of the term- the rent shall be adjusted by increasing or decreasing at the end of each five (5)
BASE RENT & ESCALATIONS years (cumulative) from the date of this lease according to the purchasing power of the consumer dollar in the United States as to the date
of signing this lease and date of adjustments. The determining of said purchase power is to be stated by the US Dept. of Labor.
Any arrearage, of Fixed Annual Rent, of more than thirty (30) days shall be deemed a material breach of the lease and shall entitle the
Lessor, at their option, to terminate the same for with. If the Lessee fails to pay any additional expenses, costs, premiums, utilities, etc.;
DEFAULT
the Lessor, at their option, may pay any such expenses and may add the amount paid, together with interest, to be computed at the
rate of 6% per annum.
REAL ESTATE TAXES Paid by Lessee within thirty (30) days
Paid by Lessee, adequate general liability insurance; in no event be less than $100,000 in case of injury to one person and $500,000
INSURANCE
in case of injury to more than one person.
RENT SCHEDULE
LEASE YEAR MONTHLY RENT ANNUAL RENT INCREASES
8/1/62 $750.00 $9,000.00 CPI / 5Yr
8/1/17 6,072.56 $72,870.72 CPI / 5Yr
8/1/22 $7,135.26 $85,623.10 CPI / 5Yr
NOTES:
*Rent increases are calculated on a CPI for all urban consumers adjustment basis. July 2012 CPI value was 229.104 and July 2017 was 244.786, a 6.8449% increase, thus resulting
in a 6.8449% rent increase effective Aug 2017
**The next contractual rent increase is effective Aug 2022. The increase in rent will result from the CPI increase from the last adjustment period, July 2017. As of March 2022, the CPI value is
287.504, a 17.4512 % increase from last adjustment period. For modeling purposes, the rent increase is budgeted at 17.5% starting Aug, 1, 2022
| ANNAPOLIS ROAD RETAIL CENTER | 12LEASE ABSTRACT
GUARANTOR 7-Eleven, Inc.
Lessee agrees to pay all taxes levied upon personal property, including trade fixtures and inventory, kept on the leased premises as well as all
TAXES
taxes levied against the land and the building and improvements situated thereon during the term of this Lease.
Lessee shall have the right to assign or sublease the whole or any part of the demised premises, provided that any assignment or sublease
ASSIGNMENT shall be subject to all of the terms and conditions of this lease and that lessee shall remain primarily liable for the payment of the rent and the
performance of the terms and conditions of this lease.
Lessor agrees to maintain the structural soundness of the building. Lessee agrees to keep both the interior and the exterior of the building in
REPAIRS & MAINTENANCE good repair, including the roof, plumbing, electrical wiring, air conditioning and heating equipment, to maintain the surface of the parking area,
and to paint the exterior walls of the building and be responsible for all glass, casualty damage and reasonable wear and tear expected.
Lessee agrees, at Lessee's expense, to maintain in force continuously throughout the New Term, commercial general public liability insurance
INSURANCE
covering the Premises with combined single limit coverage of $3,000,000.
UTILITIES Lessee agrees to pay, before delinquency, all charges for gas, electricity, and water used by it.
| ANNAPOLIS ROAD RETAIL CENTER | 13LEASE ABSTRACT
GUARANTOR AutoZone, Inc.
Tenant maintains the common area related to the demises premises, in the event Landlord wants to assume control of the property maintenance, Tenant shall be required to pay for
COMMON AREA COSTS
their pro rata share of the outlined costs in Section 6C of the lease. Contact agent for more details.
Except for assignments or sublets to parents, affiliates, subsidiaries of Tenant, or collateral assignment to a bank, financial institution, insurance company or other lender which
involves the financing of Tenant's improvements or fixturing of the Demised Premises by Tenant, including, without limitation, a mortgage or other transaction (all of the foregoing
shall be deemed a permitted assignment or sublease and shall not require the consent of Landlord), Tenant may not assign this Lease or sublet the Demised Premises or any part
ASSIGNMENT &
thereof without the prior written consent of Landlord, such consent not to be unreasonably withheld, delayed or conditioned. Notwithstanding the foregoing, Tenant may assign or
SUBLETTING
sublet this Lease without the consent of Landlord if such assignment or subletting is to facilitate the sale by Tenant of all or a portion of Tenant's chain of stores (including not less
than a majority of Tenant's AutoZone stores in the State of Maryland, Washington, D.C. and Commonwealth of Virginia). Notwithstanding any subletting or assignment, the Demised
Premises shall be used only for the Permitted Use, and Tenant shall remain primarily liable for the performance of all the terms and conditions of this Lease.
All Real Estate Taxes (as defined in Section 6(d), and personal property taxes assessed against the Demised Premises or Tenant's personal property located therein, which accrue
TAXES during the Term or any Extension Period shall be paid by Tenant prior to delinquency directly to the applicable taxing authority, with a confirmation and evidence of such payment
being sent simultaneously to Landlord.
Throughout the Term and any Extension Period, Tenant shall maintain commercial general liability insurance for injury to person (including death} or damage to property occurring
within the Demised Premises or arising out of the use and occupancy thereof by Tenant, its licensees, employees, invitees, agents, customers or invitees. Such insurance shall be with
INSURANCE
minimum single limits of Two Million Dollars ($2,000,000.00) for personal injury, death or property damage, together with additional umbrella coverage of not less than Five Million
Dollars ($5,000,000.00) per occurrence, and Landlord, Landlord's property manager and mortgagee if identified to Tenant shall be named as additional insureds under the policy.
Landlord shall provide to the Demised Premises throughout the Term and any Extension Period such sanitary and storm sewer facilities and such utilities (including, without limitation,
UTILITIES water, electric power and gas) as the same exist at the date of this Lease. Tenant agrees to pay for all such utilities furnished to the Demised Premises and which are consumed by
Tenant, during the Term and any Extension Period. Tenant shall pay for all utility hook-up, capital recovery and other fees or connection charges for utility service.
Landlord agrees for itself, its successors and assigns, its managers and members (holding more than ten percent (10%) of its ownership interests), that none of the foregoing shall
use, suffer, permit or consent to the use or occupancy of any part of the Shopping Center ( except for the Demised Premises) as an auto parts store or for the sale of automobile parts,
supplies and/or accessories as long as this Lease is in effect. This restriction shall not apply to any business whose principal business is a drug-store and/or pharmacy, grocery store,
department store, variety store, hardware store, home improvement store, convenience store or any other seller of a broad mix of general merchandise which sells auto (or similar)
parts as an incidental part of its general merchandise business; provided that, no business sells automobile carburetors, starters, brakes, alternators, fuel pumps, water pumps or other
coolant pumps for off-premises installation. Notwithstanding the foregoing, Landlord shall be permitted to lease the remaining property in the Shopping Center to oil change, auto
PROTECTIVE COVENANT repair, car wash and tire repair businesses, including, but not limited to, businesses such as the current Shopping Center tenant trading as "Grease-N Oil Xpress" and its successors
or assigns, or Meineke, Mr. Tire, Tires Plus, Monro Muffler or Jiffy Lube, Honest 1 Auto Care. Prohibited uses of the Shopping Center include the following: manufacturing or industrial
uses; offices, either private or government (including but not limited to any type of medical office, clinic or facility, but excluding management offices within retail stores); flea markets
or similar business; adult entertainment, commercial indoor amusements; schools of any type; churches; car rentals or sales parking vehicles offered for lease or sale in the parking
areas of the Shopping Center; nightclubs; cocktail lounges; pawn and gun shops; family planning clinics; taverns; entertainment facilities; undertaking establishments; bingo games,
casinos or off-track betting agencies; post offices or postal facilities; gymnasiums; spas (other than national or regional massage facilities such as "Massage Envy", hair salons, nail
salons and similar businesses, which shall not be prohibited), theaters, either motion picture or live; bowling alley; skating rink of any type; or call centers.
Landlord shall maintain the following in good working order and repair throughout the Term and any Extension Period: the exterior portions and structural elements of the building on the Demised
Premises, and any improvements outside of the building serving the Demised Premises, including, but not limited to, the roof, roof structures and supports, foundations and structural supports
LANDLORD OBLIGATION (except that Tenant shall be responsible for the repair, maintenance and replacement of any of Tenant's improvements, including the structural support Tenant may install in its initial buildout),
structural or load bearing walls (except interior painting or other maintenance), exterior termite and other vermin protection, structural subfloors (excepting floor covering), gutters, downspouts,
streets, curbs and sidewalks.
Subject to Landlord's obligations under Section 12, and Landlord's right (following receipt of Tenant's consent) to assume management and control of the Tenant Maintenance Area as set forth in
Section 4(c), Tenant shall make and pay for all maintenance, repairs and replacements to the Demised Premises and Tenant Maintenance Area, including but not limited to maintaining, repairing,
TENANT OBLIGATION
replacing, lighting, cleaning, removing snow and ice, removing trash and debris, paving, sealcoating and striping the parking areas and landscaping the grounds of the Tenant Maintenance Area.
Tenant shall also be responsible for the repair, maintenance and replacement of any structural support installed by Tenant during the Term or any Extension Period.
All those portions of the Shopping Center shown on Exhibit "B" which are not presently occupied by buildings or other improvements, designated as striped spaces as of the Commencement Date,
PARKING shall be reserved for the shared and common use by Tenant and the other tenants and occupants of the Shopping Center... Tenant agrees at its own expense to maintain, repair, and replace as
necessary throughout the Term the portion of the Parking Area which is within Tenant's Maintenance Area.
| ANNAPOLIS ROAD RETAIL CENTER | 14LEASE ABSTRACT
GUARANTOR WLR Holding Company, Inc
Tenant expressly covenants that Tenant shall not voluntarily or involuntarily assign, or sublet the Premises or any part thereof, or suffer or permit the Premises or any
ASSIGNMENT & SUBLETTING part thereof to be used or occupied by others, by operation of law or otherwise, including but not limited to a management or similar arrangement, without the prior
written consent of Landlord in each instance, which consent shall not be unreasonably withheld, conditioned, or delayed.
As used herein, the phrase "Real Estate Taxes" shall mean all taxes, assessments, water charges and sewer rents, rates and charges, excises, levies, capital levy, license
and permit fees and other governmental charges (including but not limited to interest and penalties associated with Tenant's failure to pay same), general and special,
ordinary and extraordinary, foreseen and unforeseen, of any kind and nature whatsoever which at any time prior to or during the Lease Term may be assessed, levied,
imposed upon or become a lien on the Premises, or any part thereof, or for any use or occupation of the Premises, including but not limited to any and all assessments
by or on behalf of Prince George's County, Maryland National Capital Park and Planning Commission, Stormwater/Chesapeake Bay Water Quality, Washington
TAXES
Suburban Transit Commission, and Front Foot Benefit charges imposed by the applicable trucing authorities, and expenses incurred by Tenant in connection with any
contest or appeal of such Taxes as hereinafter provided. Not in limitation of the foregoing provisions of this paragraph (i), Tenant shall pay directly to Prince George's
County, prior to the semiannual and annual due dates therefore, the taxes and fees reflected on the Consolidated Tax Bill for each Tax Year during Term, as separately
assessed for parcel of land on which the Premises is located (both land and building), known as Tax Account No. 20-2178184, or as the same may be reassigned or
consolidated by the taxing authorities.
On the date of Landlord's Tender of Delivery, Tenant shall have all accounts for utilities serving the Premises changed to the name of Tenant. As of the Tender of
Delivery, Tenant shall pay, on or before the due dates thereof, directly to the proper authorities charged with the collection thereof, all charges for water, sewer, gas,
electricity, cable, telephone, internet and other utilities or services used or consumed on the Premises and those in connection with easements and other appurtenant
UTILITIES rights or obligations that benefit or burden the Premises for which the owner of the Premises is thereafter obligated to pay. Landlord shall not be responsible in any
manner and shall have no obligation whatsoever for the adequacy, suspension, interruption, or curtailment of any services to the Premises, regardless of the cause
thereof (unless as a result of Landlord's negligence or willful misconduct), and, except as noted above, no such suspension, interruption or curtailment shall give rise to
any claim for abatement or other compensation to Tenant from Landlord.
During the Term, Tenant shall maintain, at Tenant's expense, commercial general liability insurance with respect to claims arising in or about the Premises in an
amount not less than $1,000,000 per occurrence, $2,000,000 in the aggregate, together with additional umbrella coverage of not less than Five Million Dollars
($5,000,000.00) per occurrence, insuring both the Tenant's and Landlord's interests. Tenant's insurance policy shall (i) name Landlord, its asset manager, property
manager, any mortgagee, and such other parties as Landlord may designate in writing, as additional insureds, and (ii) provide that the policy shall not be modified or
canceled without at least thirty (30) days prior written notice to Landlord. Tenant shall also maintain, at Tenant's expense, (i) insurance on Tenant's personal property
kept in the Premises in an amount not less than the full replacement cost thereof, (ii) worker's compensation insurance in at least statutory minimum limits, and
INSURANCE
(iii) automobile liability insurance on all vehicles used in connection with the Premises with a combined single limit of $1,000,000. Such insurance policies shall be
primary. The insurers in such policies shall have a Best's Insurance Reports rating of A-; X or better. Under no circumstances shall Landlord be liable to Tenant for any
loss, damage to or theft of Tenant's property or for Tenant's loss of business. Tenant hereby waives all claims, rights of recovery and, on behalf of Tenant's insurance
company(ies), rights of subrogation, with respect to any such loss, damage or theft. During the Term, Tenant shall, at Tenant's expense, keep the Building and
improvements constituting the Premises insured for at least 100% of their full replacement cost against loss or destruction by fire and the perils, including vandalism
and malicious mischief, commonly covered under the standard extended coverage endorsement in Prince George's County, Maryland.
| ANNAPOLIS ROAD RETAIL CENTER | 15LEASE ABSTRACT
In no event shall the Premises or other portions of the Shopping Center be used for any of the following uses or purposes: manufacturing or industrial uses;
offices, either private or government (including but not limited to any type of medical office, clinic or facility, but excluding management offices within retail
stores); flea markets or similar business; adult entertainment, commercial indoor amusements; schools of any type; churches; car rentals or sales parking
vehicles offered for lease or sale in the parking areas of the Shopping Center; nightclubs; cocktail lounges; pawn and gun shops; family planning clinics; taverns;
entertainment facilities; undertaking establishments; bingo games, casinos or off track betting agencies; post offices or postal facilities; gymnasiums; spas
( other than national or regional massage facilities such as "Massage Envy", hair salons, nail salons and similar businesses, which shall not be prohibited),
theaters, either motion picture or live; bowling alley; skating rink of any type; or call centers. In no event shall the Premises or other portions of the Shopping
PROHIBITED USES Center be uses as an auto parts store or for the sale of automobile parts, supplies and/or accessories as long as the Lease dated February 24, 2016 between
Landlord and AutoZone Development, LLC is in effect. This restriction shall not apply to any business whose principal business is a drug-store and/or
pharmacy, grocery store, department store, variety store, hardware store, home improvement store, convenience store or any other seller of a broad mix of
general merchandise which sells auto (or similar) parts as an incidental part of its general merchandise business; provided that, no business sells automobile
carburetors, starters, brakes, alternators, fuel pumps, water pumps or other coolant pumps for off-premises installation. Notwithstanding the foregoing,
Landlord shall be permitted to lease the remaining property in the Shopping Center to oil change, auto repair, car wash and tire repair businesses, including, but
not limited to, businesses such as the current Shopping Center tenant trading as "Grease-N Oil Xpress" and its successors or assigns, or Meineke, Mr. Tire, Tires
Plus, Monro Muffler or Jiffy Lube, Honest 1 Auto Care.
Subject to and limited by the provisions of Exhibit C, Landlord agrees that during the Term of this Lease it shall not lease any other portion of the Shopping
Center to a tenant for the purpose of operating an automotive oil change facility performing other routing automotive maintenance and preventative services
similar in concept to the Tenant's "The Lube Center" facility, as in effect as of the Effective Date; provide however, nothing contained in this Section 3 (B) shall be
deemed to require Landlord to modify the terms of existing leases ( or extensions thereof) with tenants of the Shopping Center, as of the Effective Date. Tenant
NON-COMPETE
acknowledges that (i) the permitted use of AutoZone lease at the Shopping Center allows the "retail sale of automotive parts, supplies and accessories, and
any products normally sold in other AutoZone auto parts, supply and accessories stores", and (ii) the permitted use of7 Eleven at the Shopping Center allows
"the retail sale of merchandise customarily sold at stores operated by or under franchise from [7 Eleven] or at grocery stores commonly called supermarkets,
including but not limited to... gasoline and petroleum products, and sundries, and for any other lawful purpose."
The "Tenant Maintenance Area" is the area of land outlined and labelled as such on Exhibit A. Subject to Landlord's right to assume management and control of the Tenant
Maintenance Area as set forth in paragraph (b) below, during the entire Term and applicable Extension Periods, Tenant shall, at Tenant's sole expense, manage, make and
perform all maintenance, repairs and replacements to the Tenant Maintenance Area, including but not limited to lighting, cleaning, removing snow and ice, removing trash
TENANT MAINTENANCE AREA
and debris, paving, patching, seal-coating and striping the parking areas and landscaping the grounds of the Tenant Maintenance Area. As to the Tenant Maintenance Area,
Tenant acknowledges the rights of other tenants of the Shopping Center and their customers for parking, ingress and egress. Tenant and its customers, agents, employees
and invitees shall have reciprocal rights for parking, ingress and egress over other tenant maintenance areas and common areas within the Shopping Center.
Tenant shall, at Tenant's sole expense, keep the Premises, including but not limited to any and all structural portions and components of the Premises, along with all
Alterations in good order, condition and repair, including, but not limited to, foundation, load bearing walls, columns and structural beams and trusses, roof, exterior walls,
fire sprinkler system, alarm and/or smoke detection systems, fire hydrants, parking lots, walkways, parkways, driveways, landscaping, fences, signs and utility systems,
TENANT MAINTENANCE, REPAIR,
paint to exterior or interior surfaces, windows, doors or plate glass of the Premises, all equipment or facilities, such as plumbing, HV AC equipment, electrical, lighting
AND REPLACEMENT
facilities, boilers, pressure vessels, fixtures, interior walls, interior surfaces of exterior walls, ceilings, floors, windows, doors, plate glass, and skylights. Tenant, in keeping
the Premises in good order, condition and repair, shall exercise and perform good maintenance practices. Tenant's obligations shall include restorations, replacements or
renewals when necessary to keep the Premises and all improvements thereon or a part thereof in good order, condition and state of repair.
COMMON AREA COSTS Tenant is obligated to reimburse Landlord for their pro rata share of Common Area Costs. Please contact agent for list of applicable and non-applicable common area costs.
MANAGEMENT FEE Tenant is obligated to management fees not to exceed five percent (5%) of gross revenues derived by Landlord from the Shopping Center.
| ANNAPOLIS ROAD RETAIL CENTER | 16LEASE ABSTRACT
GUARANTOR CBI of Maryland, Inc.
Tenant shall at all times during the Lease Term take good care of and keep the Leased Premises (including the roof), parking areas, driveways and
grounds and the improvements, fixtures, equipment and appurtenances therein and thereto (including, but not limited to, HVAC system, interior and
exterior windows, interior and exterior doors, including locks and hardware, pipes, plumbing, water and sewer connections, light fixtures and roof
TENANT OBLIGATION
bracing) in good order and condition and, at Tenant's sole cost and expense, shall make all necessary repairs thereto and replacements thereof, which
repairs and replacements shall be in quality and class at least equal to the original work. Tenant shall be responsible for snow and ice removal, weed
control and trash removal, inside and outside the Leases Premises.
At all times during the Lease Term, Tenant, at its sole cost and expense, shall provide and keep in full force and effect a policy of public liability insurance,
with respect to the Leased Premises and the business of Tenant in, on, within, from or connected with the Leased Premises, naming Landlord and Broker
INSURANCE
as additional insureds, pursuant to which the limits of liability shall be $1,000,000.00 in respect to any one occurrence, and at least $2,000,000.00 in
respect to the combined limit of liability.
Tenant agrees to pay to Landlord, as additional rent, within five (5) days of notice from Landlord, the Taxes on the Leased Premises. Tenant agrees to pay
the Taxes, as additional rent, as follows: on or about July 1 of each year Landlord shall deliver to Tenant the real estate tax bill for the Leased Premises.
TAXES
Tenant shall have until September 30 to pay the Taxes directly to Prince George's County without penalty. Tenant's failure to pay the Taxes on or before
September 30 shall be an event of default under this Lease.
Check Cash Depot, Dollar Store and/or any other use on the Check Cash Depot list of uses: Checks Cashing, Money Orders Sales, Transfer Money,
USE OF PREMISES Utility Bills Payment, Auto Insurance, Passport Pictures, Lottery Tickets Sale, Bus Cards Sale, Fax and Copies, Phone Cards Sale, Tags and Titles, Cellular
Phones and General Merchandise, Key Maker.
Tenant shall pay on a timely basis to the appropriate utility or other supplier, all charges for water, sewer, gas, electricity, light, heat, power, telephone
UTILITIES
and all other utility and communication services, used, rendered and/or supplied upon or in collection with the Leased Premises.
Landlord agrees that, in the event CBI of Maryland, Inc. sells its business and assigns this Lease in accordance with its provisions, and provided that
CONTINUING LIABILITY during the two (2) year period following the date of such Landlord approved assignment, (a) Landlord remains satisfied with the demonstrated
FOLLOWING ASSIGNMENT creditworthiness and financial strength of the assignee, and (b) there is no default of this Lease, Landlord agrees to release CBI of Maryland, Inc. from
any further obligations under the Lease which accrue after such two (2) year period.
Tenant has indicated to Landlord that it may seek to divide the Premises into two (2) separately demising stores, for the operation of the check cashing
business and Metro PCS, which shall require the consent of Landlord. Landlord agrees not to unreasonably withhold, delay or condition its consent to
PROPOSED DIVISION OF such action, provided that Tenant, at its expense, (a) complies with all applicable laws, codes, rules and regulations, (b) obtains all necessary permits,
PREMISES BY TENANT ( c) provides detailed architectural and engineering plans and specifications acceptable to Landlord in its reasonable discretion, ( d) performs all such
construction using reputable, licensed contractors who provide evidence of satisfactory insurance coverage to Landlord, and (e) provides to Landlord
as-built architectural drawings immediately after the completion of such construction.
| ANNAPOLIS ROAD RETAIL CENTER | 17TENANT OVERVIEWS
7-Eleven is an American international chain of retail convenience stores, headquartered in Dallas, Texas. Originally
founded in 1927, the company operates, franchises, and licenses over 78,000 stores in 19 countries – offering
services catering to the nationality they operate in. The world’s largest and most recognized convenience store,
7-11 is known for its signature Slurpee and Big Gulp beverages as well as their private 7-Select branded products,
including fresh-made daily sandwiches, fruit, salad and bakery items as well as hot and prepared foods and
beverages. A pioneer in technology for convenience stores, 7-Eleven was the first to offer to-go coffee cups, offer
78,000+ Locations self-serve soda fountains, and operate 24 hours a day – now, 7-Eleven offers the 7Rewards program through the
https://www.7-eleven.com/ 7-Eleven app and in certain locations offer on-demand delivery options. The Annapolis Road location has been in
occupancy since 1970, recently securing a long-term extension through 2027.
Founded in 1979 – AutoZone has revolutionized the auto part industry, growing to be a leading retailer and
distributor of automotive replacement parts and accessories in 50 US States, Washington DC, Puerto Rico, Mexico,
and Brazil. AutoZone debuted on the NYSE (AZO) in 1991 and has since grown to over 6,000 locations in 2022.
Most recently, AutoZone was recognized as the 39th Best Employer worldwide by Forbes and reached a total of
6,000+ Locations 90,000 employees. The company offers various products including new and remanufactured automotive hard parts,
https://www.autozone.com/ maintenance items, accessories, and non-automotive products. AutoZone also offers commercial sales programs to
local, regional, and national repair stations, dealers, service stations, and public sector accounts. In occupancy since
2016 – AutoZone has a long term lease through 2031 and operates under a Corporately guaranteed NN lease.
The Lube Center, which operates under the WLR Automotive Group umbrella, is one of multiple automotive disciplines
within the company, including other businesses such as The Auto Repair, The Auto Spa, The Auto Spa Express and
Mighty Auto Parts. The WLR Automotive Group employees over 300 employees with a robust presence in the DC
metropolitan area and Pennsylvania – with over 30 various locations between the different company stores, offering
a varying repair, carwash, and lube services. The Lube Center offers drive-thru services including multi-point oil change
packages as well as preventative air conditioning, filtration, cooling system, drivetrain, electrical, engine, fuel system,
13 Locations (30+ across their banners) light, tire, and transmission services. The Lube Center offers convenience in every endeavor, with stay-in-your-car
https://www.washluberepair.com/ drive-thru services and free top-offs between visits. The Annapolis road location benefits from over $600,000 of
tenant investment since taking occupancy in 2018, and is on a long term lease through 2033.
Check Cash Depot, founded in 1994, provides innovative financial services with high quality standards and the
latest technology. A money services business, Check Cash Depot provides customers with easy solutions to turn
their paycheck, or other checks, into cash without having to rely on a traditional bank account. The store accepts a
variety of checks, including payroll, personal, government, money order, cashier, tax refund and insurance checks.
Check Cash Depot offers services including low-fee Check Cashing with no limit, money transfers domestically
and internationally, money orders, and bill payments. An exceptional benefit to the location, the building is
equipped with two drive-thru lanes and per their lease, the tenant has the right to operate a cellular store on the
30 Locations (75+ across their banners)
premises, which it has elected to – adding to the location’s suite of services with a Metro by T-Mobile branch.
https://checkcashdepot.com/
The Metro by T-Mobile location operates under the Check Cash Depot lease, which has term through 2026.
| ANNAPOLIS ROAD RETAIL CENTER | 18LOCATION OVERVIEW POPULATION
897,412
PRINCE GEORGE’S COUNTY AVG. HH
Prince George’s County is located directly east of Washington, D.C., and with over 897,000
INCOME
residents it is the second most populous county in the state of Maryland. The county has $106,655
grown by over 34,000 people from 2010-2019, which is in large part due to its direct proximity
to the nation’s capital. Prince George’s County is home to eight Colleges and Universities, ANNUAL
including the headquarters to the county’s largest employer, the University of Maryland POPULATION
System, which staffs nearly 18,800. Prince George’s is also home to one of largest technology
GROWTH
and aerospace sectors in the state, including Joint Base Andrews, NASA Goddard Space Flight
Center, FDA, NOAA, and the USDA Beltsville Agricultural Research Center, the world’s largest
0.52%
agricultural research complex. Major private employers include UPS, Giant Food, Comcast, AVG. HH
Medstar Health, Dominion Health, and Verizon. These industries together create a strong, INCOME
downturn-resistant job market providing an excellent long-term economic outlook for the
county, which has AAA credit rating.
GROWTH
1.98%
MAJOR EMPLOYERS
| ANNAPOLIS ROAD RETAIL CENTER | 19#1 LARGEST SCIENCE AND
LOCATION OVERVIEW
ENGINEERING WORKFORCE WASHINGTON, DC
IN THE NATION
The Washington DC Metropolitan Statistical Area boasts a population of approximately
#1 LARGEST METROPOLITAN AREA 6.3 million people, growing at an annual rate a north of 1%. The region has remained one of
the best-performing economies in the U.S., with an average household income of $145,000,
IN SOUTH ATLANTIC DIVISION a number that is set to reach $160,000 by 2026. The DC MSA largely benefits from being
one of the most dynamic economies in the U.S., driven by a highly educated workforce, with
more than 50% possessing a bachelor’s degree or higher. This highly educated workforce
17 FORTUNE 500 COMPANY HQS
is employed in several prevalent industries, including government, biotechnology, defense
WITHIN 25 MILES OF DC contracting, and tourism. The Greater Washington region has gained more than 300,000
jobs since 2000, one of the highest numbers of any metropolitan region in the country and
has consistently maintained unemployment rates below the national average. The Greater
650,000 NEW RESIDENTS Washington region is also one of two metropolitan regions in the U.S. with three world-class
SINCE 2010 airports: Washington Dulles International Airport (IAD), Baltimore/Washington International
Thurgood Marshall Airport (BWI), and Ronald Reagan Washington National Airport (DCA).
#6 LARGEST METROPOLITAN
STATISTICAL AREA IN THE NATION
3 WORLD CLASS AIRPORTS
(BWI, DCA & IAD)
ONE OF THE LOWEST
UNEMPLOYMENT RATES IN
THE U.S (3.9% IN 2021)
| ANNAPOLIS ROAD RETAIL CENTER | 20DEMOGRAPHICS
Beltsville
2021 DEMOGRAPHIC SUMMARY
1 MILE 3 MILE 5 MILE
TOTAL POPULATION
Greenbelt 15,972 134,887 324,118
AVERAGE HOUSEHOLD INCOME
College $75,867 $88,174 $93,932
Park Lanham
SITE
HOUSEHOLDS
5,153 43,476 109,049
Hyattsville
1 MILE
2021 - 2026 ANNUAL
GROWTH SUMMARY
3 MILE 1 MILE 3 MILE 5 MILE
POPULATION GROWTH
5 MILE
.88% .31% .72%
AVERAGE HOUSEHOLD INCOME
Kettering
1.98% 1.99% 1.89%
DATA SOURCED FROM ESRI
| ANNAPOLIS ROAD RETAIL CENTER | 21DISCLAIMER NOTICE & NON-ENDORSEMENT
CONFIDENTIALITY DISCLAIMER
This Investment Memorandum (“Memorandum”) is furnished to prospective purchasers solely to facilitate the purchaser’s consideration of Subject
Property. The Memorandum contains proprietary information and was prepared by KLNB, LLC (“KLNB”) using information compiled from sources
we consider to be reliable. By receipt of this Memorandum, you agree that: (a) the Memorandum and its contents are of a confidential nature and
that you will hold and treat it in strictest confidence in full compliance with the separate confidentiality agreement you have executed; (b) you will
not reproduce, transmit or disseminate the information contained in the Memorandum through any means, or disclose this Memorandum or any
of its contents to any other entity without the prior written authorization of KLNB nor will you use this Memorandum or any of its contents in any
fashion or manner detrimental to the interests of KLNB or seller; and (c) upon request you will return the Memorandum without retaining any copy
or extract of any portion thereof; and (d) Arris Realty Capital, LLC is a joint venture between KLNB, LLC and Columbia National Real Estate Finance,
LLC. KLNB, LLC may receive compensation in the event that KLNB, LLC, an agent or affiliate thereof, refers you to Arris Realty Capital, LLC; Columbia
National Real Estate Finance, LLC, or an affiliate thereof, for financing of a real estate transaction.
This Memorandum does not purport to be all-inclusive or to contain all the information which prospective purchasers may desire and is a
summary upon which prospective purchasers are not entitled to rely. Certain documents and materials are described herein in summary form.
The summaries are not complete descriptions of the documents and materials. Interested parties are expected to review all such documents
and materials independently. Market financial projections are provided for reference purposes only and are based on assumptions relating to the
general economy, competition and other factors beyond the control of KLNB and are, therefore subject to material variation.
Additional information and an opportunity to inspect the Property will be made available to qualified prospective purchasers upon request. Each
purchase offer is to be based strictly and entirely upon the purchaser’s independent investigation, analysis, appraisal and evaluation of facts and
circumstances deemed relevant by the purchaser. Neither Owner, KLNB nor any of their respective directors, officers or affiliates have made
any representation or warranty, express or implied as to the accuracy or completeness of this Memorandum or any of its contents, and no legal
commitment or obligation shall arise by reason of this Memorandum or its contents.
This offering is submitted and received with the understanding that all negotiations for the acquisition of the herein described property will be
conducted through KLNB. The sellers and KLNB expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or
offers to purchase the Property and/or terminate discussions with any entity at any time with or without notice.
ISG
INVESTMENT SALES GROUP
| ANNAPOLIS ROAD RETAIL CENTER | 22ANN A P OL IS ROA D RETAIL CE NTE R
CHRIS BURNHAM VITO LUPO ANDY STAPE JAKE FURNARY
443.632.2044 202.652.2334 202.652.2335 202.420.7767
cburnham@klnb.com vlupo@klnb.com astape@klnb.com jfurnary@klnb.com
ISG BALTIMORE OFFICE WASHINGTON, DC OFFICE TYSONS OFFICE
100 WEST ROAD, SUITE 505 1130 CONNECTICUT AVE, SUITE 600 8065 LEESBURG PIKE, SUITE 700
INVESTMENT SALES GROUP BALTIMORE, MD 21204 WASHINGTON, DC 20036 TYSONS, VA 22182You can also read
