Waldorf Market. Picture courtesy of First Nationwide Realty Companions
First Nationwide Realty Companions has acquired Waldorf Market, a 359,484-square-foot grocery-anchored retail middle in Waldorf, Md. CommercialEdge identifies American Realty Advisors because the earlier proprietor.
In line with earlier studies by Globe Road, the previous proprietor picked up the primary part of the purchasing middle in 2005 and the second in 2007, for which the agency paid $38.5 million.
A 58,092-square-foot Safeway grocery retailer anchors Waldorf Market, working on the property since 2005. A variety of nationwide and regional retailers are additionally current, together with Interest Foyer, Jared, Petco, Starbucks, Wells Fargo, Purple Robin, TGI Fridays, Bathtub & Physique Works and Well-known Dave’s. There may be nonetheless some unoccupied area within the purchasing middle, which presents some upside potential for the customer.
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Situated at 2990-3088 Waldorf Market, the retail middle sits in a extremely populated retail space, some 28 miles south of Washington, D.C. Waldorf Market is positioned on the junction of Western Parkway and Berry Highway.
The Waldorf space accounts for roughly half of Charles County’s inhabitants and 60 p.c of its companies. Waldorf Market serves a inhabitants of greater than 70,000 individuals residing inside a 3-mile radius, with a median family revenue of $144,000, in keeping with the brand new proprietor.
A portfolio wealthy in grocery-anchored property
The acquisition of Waldorf Market marks First Nationwide Realty’s fourth acquisition within the metro space. Final yr, the agency acquired two grocery-anchored purchasing facilities together with the 287,000-square-foot Promenade at Manassas, in Manassas, Va.
The investor has additionally been lively in different markets throughout the U.S. Earlier this yr, the corporate acquired a 304,935-square-foot retail middle in Cullman, Ala., anchored by a Publix Meals Retailer. On the finish of final yr, First Nationwide Realty additionally bought a 259,104-square-foot, Goal-anchored retail middle in West Hartford, Conn.
In line with the most recent retail market report from JLL, retail tenants occupied practically 76 million sq. toes of area in 2022, marking the best absorption fee since 2017. The report additionally highlights that grocery-anchored retail facilities have been among the many top-performing retail classes when it comes to new retailer openings final yr.
