CapStar Commercial Realty is pleased to bring the Rita’s Italian Ice-anchored neighborhood center in Crofton, Maryland to 100% occupancy. The coming tenant Play It Again Sports is a chain sporting goods store that refurbishes and trades used or new sporting goods and fitness equipment. CapStar’s Vice President Sophie Huimin Tsai and Leasing Agent Dacheng Weng represented the Landlord in this transaction.
The retail center is approximately 10,000 square feet, including a free-standing Rita’s ice cream store at the front and a 4-tenant retail strip in the rear. Located close to the crossing of Defense Highway (Route 450) and Crain Highway (Route 3), the center has excellent street visibility and is well situated to capture the business from local communities and commuters traveling between Ann Arundel County and Howard County, Baltimore County, and/or Washington DC.
The neighborhood center was purchased in an off-the-market transaction for $2.36 million in late 2021. “It’s an extremely competitive market. There are very few neighborhood retail centers for sale in the fast-growing Crofton area, especially at such an entry level price point, but there are many buyers searching for similar types of assets. On top of that, I had a very tight schedule to identify a property for my client, as he had just completed a 1031 exchange. I am glad that I secured this asset that checked all the boxes for my client,” stated Sophie Huimin Tsai, CapStar’s Vice President, who represented the buyer in this transaction.
Before this transaction,
CapStar was appointed and had managed the client’s single-tenant retail property for years. During the pandemic, the rental incomes were adversely impacted by the non-payment of rent. Through diligent communication with the tenant, CapStar was able to turn the delinquent tenant into the buyer of the property, and further advised our client to consider exchanging his relinquished property into a better property through the tax deferred 1031 exchange.
“At CapStar, we don’t just show up for buy and sell. Our leasing and management teams work closely together throughout the client’s holding period. Our client is very pleased that our teams have successfully filled the vacancies and resolved the deferred maintenance and outstanding tenant matters at Crofton Center within a year of purchase,” furthered commented Sophie Tsai.
Cori Simmons, CapStar’s Director of Property Management, stated “It is not unusual for both our leasing and management teams to have regular input regarding expense control, tenant retention, and budgeting. This is the type of effective collaboration that is unlikely to be offered by some of the larger firms and ultimately tips the scale allowing CapStar to deliver our clients the best opportunity to achieve maximum asset performance.”
CapStar’s property management service includes the day-to-day management including but not limited to; lease administration, financial reporting, contracting and oversight of service providers, first point of contact of tenant-related concerns, building the landlord/tenant relationship, and ultimately strengthening our clients’ long-term success.
For more information on CapStar’s full-service offerings, please contact John Lin, President at (240) 644-2317 or jlin@capstarco.com. For information on property management services, please contact Cori Simmons, Director of Property Management, at (240) 813-2050 or csimmons@capstarco.com.
About CapStar Commercial Realty
CapStar Commercial Realty is a full service commercial real estate firm headquartered in Gaithersburg, MD with over 28 years of experience across the District of Columbia, Maryland, and Virginia. CapStar assists small and large companies, from local to an expanding brand, with services in leasing, sales and acquisitions, property management, business acquisitions, consulting, and a unique specialty in restaurants. CapStar’s range of services and proprietary database help sellers, buyers, landlords, and tenants, identity real estate opportunities in retail, office, industrial, land, and condominiums.
*Updated 9/2/2022
Commentaires