COLUMBIA, MD-Madison Marquette has acquired a 90,000-square-foot former Home Expo Design Center here, situated on a 10-acre parcel. The acquisition was made in conjunction with MCB Real Estate through its Retail Enhancement Fund.
The new owners are taking what is becoming a standard approach to empty big boxes in this real estate cycle--dividing them up to attract smaller retail tenants. In this case, the facility has just been leased by a Toys R Us/Babies R Us, combo store, which is taking 63,000 square feet. The build-out is expected to deliver in time for the holiday season.
The remaining space is available for lease at asking rates that are in the low- to mid-teens, depending on the type of build out allowance, Jay Lask, managing director of investments of Madison Marquette, tells GlobeSt.com. Demand is strong for the space, he says. "We anticipate having the rest of it leased up quickly with at least one other major junior anchor box tenant." Lask says retail supply, at least for big box space, is somewhat constrained in the submarket, thus the pent-up demand.
The parcel is part of Columbia Center II, a retail center located at the Northwest corner of Snowden River Parkway and Dobbin Road. It is also part of a local retail corridor that includes Target, Dick’s Sporting Goods, Costco and Panera Bread.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
