In May 2013, Mosaic acquired this 73,529 square foot, stabilized grocery-anchored shopping center in Elkridge, Maryland. The center is 97.5% occupied and anchored by a new Green Valley Marketplace grocery store and a Rite Aid drug store. These anchors are complemented by a variety of well-known national, regional and local retailers including Pizza Hut, Cindy’s Spirits and Sports Clips.
Elkridge Corners is located on Route 1 in Howard County in a positively trending trade area that should continue to add rooftops through new development and add to the demand for retail goods and services at the property. In the 3-mile radius directly surrounding the center, population growth has been an impressive 22.5% over the last 10 years.
Because of a lack of competing retail in the immediate vicinity, Elkridge Corners is the dominant grocery-anchored shopping center in the area. The cash flow stream is predictable and secure, yet the purchase also offers a premium yield due to the independent grocery anchor as compared to how a similarly situated retail center with a national credit grocery anchor might trade. This return is further augmented by attractive long-term fixed rate financing being placed on the property.