Versa Real Estate Sells Maryland Shopping Center for $11M
By Keith Loria January 11, 2023 2:16 pm
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A local private investor has acquired Marlboro Square, a 92,649-square-foot shopping center in Upper Marlboro, Md., from Versa Real Estate for $10.8 million.
Located at 5715 Crain Highway, the center features 19 stores, including anchor tenant Weis Supermarket, though the grocery store’s lease expires in 2026.
KLNB represented the seller in the deal and secured seven first-round offers, leading to a competitive bidding environment, according to the firm. Versa Real Estate acquired the property in 2013.
“The property was at the end of the fund life and ownership had stabilized the deal,” Vito Lupo, part of KLNB’s retail investors team, told Commercial Observer. “The property is 100 percent leased at time of sale, and a new lease with Dollar Tree and extension with Advance Auto helped provide even greater opportunities to attract prospective buyers.”
In addition, approximately 10,800 square feet of vacant land sits directly adjacent to Weis, providing additional development potential.
“KLNB did an excellent job of marketing the center, vetting prospects and making sure the deal got across the finish line,” Adam Steuer, director of asset management for Michigan-based Versa Real Estate, said in a statement. “As an out-of-state operator, we relied on KLNB to bring the asset to fruition for the partnership.”
Joining Lupo on the deal were KLNB’s Chris Burnham, Andy Stape and Jake Furnary. Henry Renaud and Dug Hirt of Renaud Consulting represented the buyer in the transaction. This was the buyer’s first retail acquisition.
Keith Loria can be reached at Kloria@commercialobserver.com.
