Crunch Hagerstown Leases 30,973 SF Retail Space At Centre, Hagerstown
17850 Garland Groh Boulevard
Building Size
30,973 SF
Asset Type
Retail
Closing
Apr 26, 2024
AI
The retail property at 17850 Garland Groh Boulevard in Hagerstown, MD, spanning 30,973 square feet, has been leased to Crunch Hagerstown, a fitness concept operating under the Crunch Fitness franchise. The lease agreement was facilitated at the Centre at Hagerstown, enhancing the regional shopping center's occupancy to 97 percent.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 17850 Garland Groh Boulevard
- Market: Hagerstown, MD
- Landlord: Kristina O’Keefe & Melissa Sweeney - Continental Realty Corporation
- Tenant: Crunch Hagerstown
- Brokers: Ryan Wilner, Matt Copeland & Michael L. Patz - KLNB Retail
The lease secured by Crunch Hagerstown marks a significant agreement that brings a new fitness offering to the regional shopping center, filling the previous Bed Bath and Beyond space. The deal highlights the proactive approach taken by both the landlord, Kristina O’Keefe & Melissa Sweeney of Continental Realty Corporation, and the tenant, Crunch Hagerstown, in aligning on mutually beneficial terms, contributing to the continued success and vibrancy of the Centre at Hagerstown.
Players
Hagerstown Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93