Washington, D.C. – KLNBhas brokered the sale of The Shoppes of Burnt Mills, a 31,300 square foot neighborhood shopping center in Silver Spring, Maryland for $13.6 million. KLNB Retail principals Phil Ruxton and Matt Skalet represented both the seller, Four Corners, LLC, an affiliated entity of Bethesda, MD-based Finmarc Management, Inc., and the buyer, Regency Centers in this transaction.
Positioned at 10740 Colesville Road off Maryland Route 29, The Shoppes of Burnt Mills is 100% leased and is anchored by Trader Joe’s. Other notable tenants include Starbucks Coffee, Chico’s andTortilla. The center is located within minutes from the Washington Capital Beltway (Interstate 495).
“Regency Centers acquired an excellently-maintained real estate asset that serves a dense and stable residential community in Montgomery County,” stated Phil Ruxton of KLNB Retail. “The center has attracted a strong and diverse mix of tenants that have consistently performed well, with each carving out a loyal consumer following in the immediate marketplace. The Shoppes at Burnt Mills will increase in value in the long-term based on these attributes.”
“The Shoppes of Burnt Mills satisfied each acquisition criteria in terms of a strategic location, strong credit-worthy tenants and a merchant mix that responds to the retail and service needs of the local community,” explained Devin Corini, Vice President, Investments for Regency Centers. “In addition, we have tremendous respect for Finmarc Management as a high-quality real estateand management company. Finmarc is widely recognized for creating first-class retail assets in the Washington, D.C. marketplace and this brings us great confidence in the purchase.”
More than 430,000 consumers reside within a five-mile radius of The Shoppes of Burnt Mills, including more than 150,000 households with an average household income exceeding $109,000. Founded in 1968, KLNB, LLC is comprised of two real estate divisions companies that include NAI KLNB, a division that focuses on the sale and leasing of commercial office,and warehouse properties, as well as KLNB Retail, which specializes in the sale and leasing of retail properties as well as tenant representation. The company is also a full-service provider of commercial real estate property and asset management services.