The $61 million sale of the Wegman’s shopping center tops a list that includes another new restaurant for Bryan Voltaggio and the rebranded SportsPlex.
How did we miss THE BIGGEST real estate deal in Frederick in our post 5 Largest Commercial Real Estate Deals of 2011?! Duh!
We correct our error below with a list of Frederick’s top five retail real property deals below. The retail sector of commercial real estate nationwide has been slow to recover from the recession, but 2011 was a great year for retail in Frederick County. Combined, the top five retail deals were worth $72 million, a massive increase from $24 million posted by 2010’s top five.
Frederick’s Top 5 Retail Space Deals of 2011
Number 5: $1,650,000 Jenkins Motors Dealership 880 N. East Street ($81.20 s/f)
Swordfish Partners LLC (the dynamic restaurant duo of Hilda Staples and Bryan Voltaggio) scooped up the old Jenkins Motors dealership from Corsica Corp in April at the bargain price of $81.20 sf. The 20,321 s/f property had been on the market for about five years; the listing price started at $5,500,000. Staples and Voltaggio believe the showroom architecture will lend itself well to a diner, which is what they plan to open in the space.
Number 4: $2,575,000 M&T Bank 91 Routzahn’s Way ($585.23 s/f)
91-MTRW LLC purchased the M&T Bank building across from Clemson’s Corner from Worman’s Mill Acre LLC in September. The property is 4,400 square feet in size, and was on the market for only a day.
Number 3: $2,600,000 Mountain Gate Plaza ($346.67 s/f)
140 Frederick Road LLC purchased Mountain Gate Plaza at 140 Frederick Road in Thurmont from Old Line Bank in June. Old Line Bank had foreclosed on the property when Blue Mountain Realty, LLC defaulted. The building, which was built in 1986, is 7,500 square feet and the property includes a gas station. The tenants are listed as 7-11, Fratelli Pizza and U-Haul.
Number 2: $4,140,000 Frederick SportsPlex ($63.69 s/f)
John Laughlin of Frederick SportsPlex Management LLC sold the Frederick SportsPlex at 1845 Brookfield Court to longtime tenant and SportsPlex manager Tony Checchia of FISCquisition LLC in November. “Tony C”, as he is known to the community, has rebranded the 65,000 building and his business as the Frederick Indoor Sports Center.
Number 1: $61,000,000 Clemson’s Corner Shopping Center ($266.38 s/f)
We missed including this top deal of 2011 on our earlier list because it closed in late December. Atapco Properties sold three Clemson’s Corner properties (including 7810, 7820, and 7830-7840 Worman’s Mill Road) to JP Morgan Asset Management. According to CoStar, Atapco (who also jointly developed the property) had planned all along on selling it once construction had finished and lease-up had occurred. The property, totalling 219,019 s/f in size, was reportedly 98% leased at the time of the sale.
So far, all sectors of commercial real estate in Frederick improved substantially in 2011 over the prior year. Does this indicate a continuing positive direction for 2012? Stay tuned to the MacRo Report Blog as we continue to track all land and commercial real estate trends and issues in Frederick County!
The author: Rocky Mackintosh, President, MacRo, Ltd., a Land and Commercial Real Estate firm based in Frederick, Maryland. He also writes for TheTentacle.com.