Baltimore Design Center
38,350 SqFt
Marketing description
KLNB Retail Capital Markets is pleased to announce for sale the fee simple interest in the Baltimore Design Center located in the affluent, and growing, submarket of Timonium, Maryland which is within the desirable Baltimore County submarket of Maryland. The Baltimore Design Center consists of three parcels and four buildings currently totaling 38,350 square feet and located on 3.057 acres. At 72% occupied, the destination use retail center offers investors immediate value add with a 2,100 SF inline vacancy and the 8,350 SF, 1.247-acre, pad site available for immediate lease up. Positioned at the off ramp of Interstate 83 (I-83), at the intersection of Greenspring Drive and W. Timonium Road, an investor benefits from excellent positioning within the submarket, great visibility, ingress and egress, robust traffic counts and a strong residual value in the overall land in a high barrier to entry submarket.
Investment highlights
Destination-Use Center with Strong Tenant Retention and a Diversified Tenant Mix
Over 8 years of weighted average lease term occupied, the center has experienced long-term tenant success with Pamella & Rose, Senneh Knot, Signs by Tomorrow, and Ecco Enterprises all being at this location for 10+ years
Near & Long-Term Value Add Opportunities
The Baltimore Design Center spans 3 contiguous, and separately subdivided, parcels between the 60 W. Timonium pad site, the Greenspring Building and the Ecco Building, presenting the opportunity to spin off one, or multiple parcels, creating potential cap rate arbitrage during the life of an investors hold period
The 60 W. Timonium pad site has excellent visibility and sees approximately 29,500 VPD. Through an active leasing campaign, an investor has the opportunity to bring in a strong regional or national tenant, and bolster the center’s overall credit and drastically increase the overall NOI
High Barrier to Entry Submarket with Limited Overall Velocity
Timonium is one of the most sought-after submarkets in the Baltimore MSA and is in the highly desirable Baltimore County
Land constrained submarket allows for an extremely high barrier to entry and there remains a lack of comparable inventory throughout the larger Greenspring Drive corridor
First time property has been offered for sale in over 25 years and there is a lack of available assets that come to market within this submarket
Retail, Industrial, Flex and Office Synergy
Baltimore Design Center is positioned in the immediate vicinity to several major retail developments: Fairgrounds Plaza, 106,61 SF ShopRite, REI and PetSmart anchored center, Timonium Crossing, a 58,126 SF neighborhood retail center, Timonium Square, a 191,651 SF Giant anchored center, and numerous other sites
The subject property also sits adjacent to Timonium Exchange, which is comprised of 196,293 SF of warehouse, office and retail space
Excellent Access, Visibility and Large Traffic Counts
Seamless access, with significant frontage, along Greenspring Drive and W. Timonium Road and multiple points of ingress and egress.
The center experiences strong exposure to the combined 43,857 vehicles per day along both roads
Affluent, Growing Submarket with Major Anchors in Close Proximity
Positioned in the Timonium submarket, the center has a wealthy consumer base with residents earning a $150,778 average household income within a 3-mile radius, and average household income expected to grow annually at 2.64% through 2029
The Maryland State Fairgrounds, situated on over 88 acres is Maryland’s premier event facility that still hosts the Maryland State Fair annually, is directly behind the subject property and draws large crowds for various events that are held there throughout the year
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