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Shopping Strip

7-Eleven | Sandy Spring Bank

8529 Veterans Hwy, Millersville, MD 21108

Listing Price: $4,900,000

Cap Rate
5.65%
Gross SF
7,412
Rentable SF
7,412
Price/Gross SF
$661.09
Lot Size
0.21 acres
Year Built
2009

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer this two-tenant neighborhood center in Millersville, Anne Arundel County, Maryland, an affluent suburb of Baltimore and Annapolis (the “Offering”). The 7,412-square-foot strip is fully occupied and leased to two national and regional retailers: 7-Eleven and Sandy Spring Bank. The Offering presents an investor a high-quality location off Interstate-97, newer attractive construction, a creditworthy rent roll, and the appeal of net operating income growth with a compounded annual growth rate (CAGR) over 2.2% in the first five years of an investor’s hold. 7-Eleven is an investment grade retailer with a credit rating of “AA-” by Standard & Poor’s. While sales are not reported, the franchisee operator indicates that this is a healthy store with strong sales. The operator has expressed interest in renewing to the present ownership, however, renewals are governed by the corporate entity. 7-Eleven is joined by Sandy Spring Bank, who took over this location from Revere Bank when it acquired the chain in April 2020. Sandy Spring Bank also boasts a “BBB+” investment grade credit rating by Kroll Bond Rating Agency. The Bank has attractive annual increases of three percent during the base term and two, five-year option periods. The Tenant closed their branch at 8310 Veterans Highway (1 mile north) after the merger and consolidated its operations into this location. The depositor base clearly followed to this location. The branch deposits have been trending upwards year-over-year with a significant 21 percent increase in 2021 to $151 million. The bank operates on an end-cap with a double drive-thru; a highly desirable attribute in this region.

Investment Highlights

  • Investment-Grade Two-Tenant Offering
  • Highly Affluent Baltimore/Annapolis Submarket; $202,637 AHHI
  • Prominent Positioning off I-97 Interchange

Exclusively Listed By

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Shopping Strip

7-Eleven | Sandy Spring Bank

Listing Price: $4,900,000

Cap Rate
5.65%
Gross SF
7,412
Rentable SF
7,412
Price/Gross SF
$661.09
Lot Size
0.21 acres
Year Built
2009

Investment Highlights

  • Investment-Grade Two-Tenant Offering
  • Highly Affluent Baltimore/Annapolis Submarket; $202,637 AHHI
  • Prominent Positioning off I-97 Interchange

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer this two-tenant neighborhood center in Millersville, Anne Arundel County, Maryland, an affluent suburb of Baltimore and Annapolis (the “Offering”). The 7,412-square-foot strip is fully occupied and leased to two national and regional retailers: 7-Eleven and Sandy Spring Bank. The Offering presents an investor a high-quality location off Interstate-97, newer attractive construction, a creditworthy rent roll, and the appeal of net operating income growth with a compounded annual growth rate (CAGR) over 2.2% in the first five years of an investor’s hold. 7-Eleven is an investment grade retailer with a credit rating of “AA-” by Standard & Poor’s. While sales are not reported, the franchisee operator indicates that this is a healthy store with strong sales. The operator has expressed interest in renewing to the present ownership, however, renewals are governed by the corporate entity. 7-Eleven is joined by Sandy Spring Bank, who took over this location from Revere Bank when it acquired the chain in April 2020. Sandy Spring Bank also boasts a “BBB+” investment grade credit rating by Kroll Bond Rating Agency. The Bank has attractive annual increases of three percent during the base term and two, five-year option periods. The Tenant closed their branch at 8310 Veterans Highway (1 mile north) after the merger and consolidated its operations into this location. The depositor base clearly followed to this location. The branch deposits have been trending upwards year-over-year with a significant 21 percent increase in 2021 to $151 million. The bank operates on an end-cap with a double drive-thru; a highly desirable attribute in this region.

Exclusively Listed By

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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