August 3, 2021 – Hobart Hare, Todd Tremblay and Bob Horvath of Horvath & Tremblay have successfully completed the sale of a Safeway in Severna Park, Maryland. Horvath & Tremblay procured the buyer to complete the transaction at a sale price of $21,000,000.
Safeway is located at 540 Benfield Road in Severna Park, Maryland. The property consists of a 47,192 square foot stand-alone building on a 3.7-acre parcel of land. Safeway has 16+ years of term remaining on a corporate guaranteed Absolute Net lease followed by eight (8), 5-Year renewal options. The lease calls for 7.5% rental increases every five years throughout the primary lease term and at the start of renewal options 1-4. The rent for options 5-8, if exercised, shall be set to fair market value. Safeway has enjoyed outstanding sales at this location that saw significant growth in 2020. Safeway shadow-anchors the 33,000 SF Benfield Village Shopping Center, located at the intersection of Benfield Road and Jumpers Hole Road (Traffic Count: 31,251 AADT). This main and main location sits just two and one-half miles from both I-97 (127,550 AADT) and Governor Ritchie Highway/MD Route 2 (55,771 AADT). The site’s location in Severna Park places it within immediate proximity to both an elementary and middle school, and just down the road from the local high school, a feeder school for six regional elementary schools. Located contiguous to the property along Jumpers Hole Road is the Chart Towne Office Building, home to numerous medical, finance, and real estate users. Next to the office building sits BrightView Severna Park, a 141-unit retirement community with both apartments and independent living options. The site’s regional location, nestled in between these two major throughfares, provides convenient access to those commuting to three major employment centers in the mid-Atlantic, Annapolis (11 miles), Baltimore (18 miles) and Washington, D.C. (31 miles).
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.