Listed by KLNB Commercial Real Estate Services, NAI KLNB (Baltimore, MD), NAI KLNB (Washington, DC)
$7,400,000
The Market Commons at Worman's Mill
Details
Property Type Retail
Sub Type Day Care/Nursery, QSR/Fast Food
Square Footage 13,590
Cap Rate 6.25%
NOI $463,795
Occupancy 100%
Tenancy Multi
Brand/Tenant Paris Baguette
Lease Type NNN
Class A
Year Built 2024
Buildings 1
Parking Spaces 114 spaces
Parking Per SqFt 8.39
Investment Type Stabilized
Tenant Credit Credit Rated, Franchisee
Ground Lease No
Retail | 6.25% CAP | 13,590 SqFt
Marketing description
KLNB Retail Capital Markets is pleased to offer for sale The Market Commons at Worman's Mill, a ground floor multi-tenant retail asset in Frederick, Maryland. The offering is located within a dense and expanding retail node, surrounded by dominant national submarket anchors including Wegmans and Walmart. Developed in 2023, the subject property consists of four fully leased retail suites situated on the ground floor of Bainbridge Market Commons, a 344 unit newly constructed luxury multifamily community. The offering presents an investor with a rare opportunity to acquire a stabilized retail asset, with a strong weighted average lease term of 9.1 years, supported by built-in residential density, exceptional surrounding co-tenancy and a rapidly expanding submarket.
Investment highlights
- Stabilized Retail Opportunity with Strong Tenancy, Triple-Net Leases and an Impressive Weighted Average Lease Term
- Market Commons at Worman's Mill is a stabilized multi-tenant retail asset that is 100% occupied with an attractive 9.1-year WALT, providing durable and predictable cash flow from day one
- All tenants are operating under recently executed long-term, triple-net leases, with the earliest lease expiration in 2034, allowing for relatively hands-off management
- The tenancy is comprised of a balanced mix of nationally recognized brands and established regional operators, with Paris Baguette and Salon Lofts accounting for approximately 70% of total GLA
- Salon Lofts is corporately guaranteed and the company now has 350+ locations, while Paris Baguette is guaranteed by Coral Hospitality Group, a 20-unit operator, and Live Better Hearing is backed by A&A Hearing Group, and has 27 locations, further strengthening the asset's credit profile
- Rare Opportunity to Acquire a Newly Developed Retail Asset in the Low Velocity Submarket of Frederick with a Dense Built in Customer Base
- The Market Commons at Worman's Mill is in the larger Bainbridge Market Commons development that was completed in 2023, offering investors a modern, ground-floor retail asset with minimal deferred maintenance and reduced near-term capital expenditure requirements
- The combination of new construction, supply scarcity, and functional site design supports long-term tenant retention, high built in tenant demand and operational stability
- The asset benefits from rear surface parking, providing convenient and efficient access for customers and tenants
- Bainbridge Market Commons consists of 344 multi-family units, all of which are potential consumers for the ground floor retail allowing for a dense built in consumer base
- Service-Oriented Tenancy within Frederick’s Dominant Retail Node
- The asset features a complementary, service-based tenant mix comprised of food & beverage, medical, salon, and personal care uses, generating multiple daily traffic drivers and encouraging cross-shopping throughout the property
- The property benefits from proximity to Wegmans, Frederick's dominant grocery anchor, which generates approximately 1.6 million annual visits, making it the most visited grocery store in a 15-mile radius, and 8th most visited in the state, per Placer.ai
- The asset is located within one of Frederick's most established retail corridors, surrounded by top-performing national anchors including Walmart, OneLife Fitness, HomeGoods, and Chick-fil-A, which collectively demonstrate sustained consumer demand in the submarket
- Per Placer.ai, nearby retailers rank among the top-performing locations statewide, including Chick-fil-A with approximately 1.2 million annual visits, ranking 4th in Maryland and 1st within a 15-mile radius, reinforcing the strength and visibility of the retail node
- The Subject Property achieved full lease-up within two years of marketing, underscoring strong tenant demand for the location. Additional national retailers have expressed interest in the available pad site at the corner of Monocacy Boulevard and Mill Pond Road, further demonstrating the dominance of the retail node and the expansion of retailer target corridors within the larger submarket
- Supported by Strong Demographics with Robust Population Growth Driving a Growing Residential Base Sustaining Daily-Needs Demand
- The property is surrounded by a highly concentrated and growing residential base with very attractive demographics
- Within a 3-mile radius there is a population of 56,018 residents with average household incomes of $138,000+
- Population is expected to grow 2.26% from 2025-2030 within a 3-mile radius
- Multiple residential communities, including the subject property, Bainbridge Marketplace, Towns at Market Commons, and The Retreat at Market Square, are located within walking distance and collectively comprise approximately 2,200 units, providing a built-in customer base
- Additional density is provided by nearby communities such as Village Crossing at Worman's Mill, Village Center Apartments, and Park Place Condos, totaling approximately 350 apartment and senior living units, further insulating the asset from broader retail volatility
Listing Contacts
Listed by KLNB Commercial Real Estate Services, NAI KLNB (Baltimore, MD), NAI KLNB (Washington, DC)
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Loan Amount
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Annual Debt Service
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$--
Annual Cash Flow
$463,795.00
$38,649.58/mo
Valuation Metrics
0
DSCR
6.27%
Cap Rate
6.27%
ROI
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Zoning
MU MixedMixed UseMixed Use
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