Transwestern, as exclusive advisor to the owner, is pleased to present this investment offering for a 107,845 sf retail center in Gaithersburg, MD known as Shady Grove Center (the “Property”). This core-plus opportunity provides investors upside through the lease-up and repositioning of the center in the short run and the opportunity to redevelop the site in the long term. Shady Grove Center’s current zoning allows for by-right redevelopment of the Property’s 6.13 acres into 668,000 SF (2.5 FAR) of retail, restaurant, entertainment, or industrial uses, while future re-zoning of the Property would allow for the addition of multifamily product to the list of by-right uses. More than 90% of the in-place leases expire by 2020, providing investors with stable near term cash flow while positioning the asset for redevelopment.
Shady Grove Center is situated in a prominent mixed-use location at the intersection of Shady Grove Road and Gaither Road, within blocks of I-370 and I-270. The immediate area is home to an expansive inventory of multifamily and retail, and boasts a retail vacancy rate of 2.3% within one-mile of the Property. With a traffic count of more than 50,000 cars per day along Shady Grove Road and Gaither Road, and more than 300,000 cars per day along I-370 and I-270, Shady Grove Center is highly visible and accessible. Demographically, the Property is in the heart of Montgomery County which boasts one of the highest household income levels in the nation.
|10 Gb/s: Level 3 Communications, LLC|
|25 Mb/s: Comcast|
|50 Mb/s: Cavalier Telephone Mid-Atlantic, LLC|
|25 Mb/s: MegaPath Corporation|
|1.5 Mb/s: Verizon Maryland Inc.|
|3 Mb/s: Broadview Networks Holdings, Inc.|