Urban Edge Properties Acquires Retail Property In Glenarden, MD For $193.4M
SOLD
$193,400,000
Maryland
See Similar DealsRetail712,000 SF
Sold 01/03/2022
SOLD
Urban Edge Properties Acquires Retail Property In Glenarden, MD For $193.4M
2250 Petrie Lane, Glenarden, Maryland 20706, United States
See Similar DealsRetail712,000 SF
Sold 01/03/2022
Summary
MARYLAND
Asset Type:Retail
Price Per Square Foot:$271
Total Square Footage:712,000 SF
Transaction Type:Sale
Located at 2250 Petrie Ln in Glenarden, MD, this retail property spans over 22 acres. The transaction was completed on January 3, 2022, with Heritage Partners selling the property to Urban Edge Properties represented by Jeff Olson. The sale price for this 712,000 square foot asset was $193,400,000, resulting in a price per square foot of $272.
Summary of Transaction Details:
- Property Type: Retail
- Transaction Amount: $193,400,000
- Address: 2250 Petrie Ln, Glenarden, MD
- Market: Glenarden, MD
- Acres: 22
Jeff Olson from Urban Edge Properties represented the buyer, while Heritage Partners acted as the seller in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$10,314,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$687,109.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$916,814.67
Annual Debt Service$11,001,776.02
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