Investment Overview

Milford Crossing is a 61,000 square-foot shopping center built in 1994. It is located along Dupont Highway, the major highway connecting Dover and Wilmington to the beach resort areas. Food Lion is the original grocery anchor for the shopping center. The chain has 13 locations in Kent and Sussex Counties with $182.6 million in sales volume. It is the second leading grocer in the region behind Walmart. The chain is a part of Ahold Delhaize and boasts “BBB+” credit rating from Fitch and “Baa1” from Moody’s. At Milford Commons, Food Lion extended for a 10-year term in 2018, and has four, five-year options remaining. Sales volume for 2024 was $17.784 million, which is an 81% increase over 2019. The parking lot was replaced in 2018 and the roof in 2020, so the property has been positioned well for the future. Milford Commons benefits from having Food Lion as a long-term grocery anchor. The other tenants are a strong mix of service-oriented uses, restaurants, and Hibbet Sports offers sporting goods and apparel. Ownership has added six new tenants in the last two years. The successful purchaser will have the opportunity to lease up three spaces totalling 10,800 square feet and add more than $156,000 to NOI immediately.