KLNB Investment Sales Group today announced the completion of the sale of Enterprise Plaza Shopping Center, a highly-visible, 190,211 square-foot shopping center on 16.77 acres in Lanham, Maryland. Andy Stape and Vito Lupo of KLNB Investment Sales exclusively represented the seller, an affiliate of Combined Properties, Incorporated, on the transaction, and also procured the buyer, East Coast Acquisitions. This is the first acquisition in the mid-Atlantic region by the buyers. Matt Skalet and Matt Copeland, also of KLNB, were retained by the buyers as the leasing agents for the center.
The property is anchored by Aldi and co-anchored by T.J. Maxx. Aldi recently exercised a five-year renewal option, through 2023. Other occupants of Enterprise Plaza include Verizon Wireless, Advance Auto Parts, and Dollar Tree. Four pad sites fronting Annapolis Road, also part of the center, are occupied by SunTrust, Shell, Taco Bell and Wendy’s. Plans to lease a 26,428 square-foot, junior-box are underway.
Enterprise Plaza is highly-visible with over 1,500 feet of road frontage on Annapolis Road and ideally located just one mile east of the Capital Beltway/I-495. With signalized access and four points of ingress/egress, shoppers are easily able to access the center as they commute both east and west on Annapolis Road/ Route 450, which sees 20,000 - 44,000 vehicles per day. The location features one-, three, and five- mile population counts of more than 12,000, 97,000 and 242,100 residents, respectively, with an average household income of approximately $91,200, $90,100 and $92,000. Prince George’s County is recognized as one of the most affluent in the country, ranking in the top 3%.
“The sale of Enterprise Plaza Shopping Center demonstrates a continued interest from investors to acquire high-quality real estate with a value-add component,” said Lupo. “KLNB is proud to have facilitated the sale for Combined Properties. By leveraging our in-house leasing expertise, we validated market assumptions to purchasers and maximized pricing for the seller.”
Srikanth Velmati, President and Chief Investment Officer noted that, “Enterprise Plaza has been an excellent asset for Combined Properties and will continue to serve the community and perform very well for years to come. Our desire to sell was primarily based on strategic asset allocation to include residential and mixed-use assets in our already robust retail portfolio. We continue to believe in the metro Washington, DC market fundamentals and plan on being actively engaged on both the acquisitions and dispositions fronts. We are quite pleased with the performance of KLNB in securing a qualified, capable buyer.”
For press inquiries about Enterprise Plaza Shopping Center or KLNB, please contact Roger Mecca at Vitamin: roger@vitaminisgood.com, 410.732.6542.
About KLNB
KLNB is a leading provider of commercial real estate services throughout the mid-Atlantic region, now celebrating its 50th year in business. An independently owned and operated commercial brokerage and real estate services firm, KLNB provides a variety of services including tenant and landlord representation, leasing, consulting, investment sales, property management and financing services. 80 full-time brokerage professionals work across KLNB’s four offices strategically located throughout the Washington, D.C. / Baltimore region. http://klnb.com
