224 N Church Street Archives | Sands Investment Group

Sands Investment Group is Pleased to Present Exclusively For Sale the 33,555 SF CVS Anchored, Value-Add Shopping Center Located at 224 N Church Street in Thurmont, Maryland. CVS Has Expressed Interest in Extending Their Lease For an Additional 10 Years Beyond Their Remaining 7 Year Term. The Balance of the Center Features Local Mom and Pop Tenants on Short Term Leases Which Gives the New Owner Maximum Flexibility to Implement a New Leasing Strategy.

Immediate Value-Add Opportunity For an Investor to Boost the Income For the Property; Today, the Center is 89% Occupied With Approximately 3,600 SF of Small Shop Space Available For Rent
The Center Features Relatively Low Operating Costs With Pro Forma Projections of Approximately $3.40 PSF; Taxes For the Center Are About $1.19 PSF
Solid Fundamental Real Estate With Multiple Access Points, Ample Parking, Pylon Signage and a Functional Building Design
Significant Capital Invested in 2007-2008; Scope of Work Included: Façade Upgrade, New Electric, Plumbing, Roof Improvements and Parking Lot Representing Nearly $1,000,000 of Capital Improvements
Excellent Repositioning Opportunity For a New Investor to Implement a Strategic Leasing Program With Multiple Vacancies and Current Tenants Leasing Space Below Market Rents and/or on Short Term Deals
CVS Caremark (NYSE: CVS) Has Anchored the Property For More Than 25 Years and Has Expressed Interest in Extending Their Lease For an Additional 10 Years, Showing Commitment to the Location and Market; Call Broker For More Details
CVS Caremark (S&P: BBB) Represents Approximately 50% of the Income For the Property – Providing a Reliable and Secure Income Stream From an Investment Grade Tenant For Any Investor Looking to Secure Acquisition Financing
Operating in the Center Since 2009, Subway Recently Extended Its Lease For Another 5 Years and Invested Significant Capital in Store Improvements Showing Its Commitment to Thurmont Plaza
CVS is the Only National Drug Store Platform in the Market; WEIS Markets Has a Pharmacy in Its Store, But it is the Only Other Drug Store Provider in All of Thurmont
Thurmont Economic Development Office Reports New Retail, Mixed-Use Office and Apartments Downtown in Addition to Over 200 Residential Units Slated to Commence Construction Later 2021 and 2022
Area Features an Affluent Residential Community With Over a $91,769 Average Household Income Within a 5-Mile Radius
Thurmont Plaza is the Closest Retail Center to Mount St Mary’s University Campus, Just 10-Miles to the North; University Enrolled Over 2,000 Undergraduate and Graduate Students as of Fall 2020