JLL Capital Markets brokers $22 million refinancing for the 282,039-square-foot Arundel Plaza in Glen Burnie, MD

 Arundel Plaza, Glen Burnie, MD

  MORRISTOWN, NJ –  JLL Capital Markets as arranged the $22 million refinancing of Arundel Plaza, a 282,039-square-foot community shopping center located in Glen Burnie, Maryland.

Michael Klein

 JLL represented the borrower, United Hampshire U.S. REIT (“UHREIT”), to secure the five-year, fixed-rate loan through a correspondent life company lender.

Built in 1967 and renovated in 2017, the six-building Arundel Plaza is 100% occupied by 15 diverse tenants. 

The property is anchored by Lowe’s, a home improvement and appliance store with 2,181 locations across North America, and Giant Food of Maryland, LLC, a subsidiary of Ahold Finance, LLC (S&P: BBB), an American supermarket chain with 165 stores across Delaware, Maryland, Virginia and Washington, D.C.

 

Jon Mikula

Additional tenants include Jersey Mike’s Subs, FedEx, Hook and Reel, Panda Express and Chipotle. Arundel Plaza features an average tenancy of eight years with a weighted average lease expiry of 7.8 years.

Situated at 6620 Governor Ritchie Highway, the property is strategically located with over 1,300 feet of frontage along Governor Ritchie Highway, Maryland’s longest highway, which offers direct access to Baltimore and Annapolis.

 

 The center is within proximity to a robust transportation infrastructure, including Maryland Route 3, Maryland Route 10, I-97 and I-695 within one mile of the property, as well as a dense population of 183,000 residents within the center’s trade area (five-mile radius).

 

Evan Parker

Due to its location and strong tenancy, Arundel Plaza received approximately 2.2 million site visits over the past 12 months.

The JLL Capital Markets Debt Advisory Team was led by Senior Managing Directors Michael Klein and Jon Mikula, Senior Director Evan Parker and Analyst John Cumming.

 

“UHREIT has made significant improvements to the shopping center in the last few years, which has helped drive tenant demand,” said Mikula.  “Lender interest in necessity retail is at a recent all-time high, and this transaction was no exception.”

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 

John Cumming

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

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CONTACT:

Jenna Sharp

JLL, Public Relations

 Capital Markets

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com