THE ALLEY SHOPS PORTFOLIO SALE€¦ · % Leased: 100% GLA: 26,421 SF Lot Size: 1.73 Acres No. Of Buildings: 5 Zoning: BL CT Sub Market: Pikesville Traic Count: 30,000 PROPERTY SUMMARY

Gilbert R. Trout

443.921.9332

[email protected]

30 E. Padonia Road, Suite 504, Timonium MD 21093 | 410-435-4004 | www.troutdaniel.com

THE ALLEY SHOPS PORTFOLIO SALE1 3 2 6 - 1 3 3 0 & 1 4 2 0 - 1 4 2 6 R E I S T E R S T O W N R O A D, P I K E S V I L L E , M D 2 1 2 0 8

30 E. Padonia Road, Suite 504, Timonium MD 21093 | 410-435-4004 | www.troutdaniel.com2

Table Of Contents

A L L E Y S H O P S P O R T F O L I O S A L E

1326-1330 & 1420-1426 REISTERSTOWN ROAD, PIKESVILLE, MD 21208

INVESTMENT OVERVIEW 3

MARKET OVERVIEW 9

ABOUT TROUT DANIEL & ASSOCIATES 18

ContentsConidentiality & Disclaimer

All materials and information received or derived from Trout Daniel & Associates its directors,

oicers, agents, advisors, ailiates and/or any third party sources are provided without

representation or warranty as to completeness , veracity, or accuracy, condition of the property,

compliance or lack of compliance with applicable governmental requirements, developability or

suitability, inancial performance of the property, projected inancial performance of the

property for any party’s intended use or any and all other matters.

Neither Trout Daniel & Associates its directors, oicers, agents, advisors, or ailiates makes any

representation or warranty, express or implied, as to accuracy or completeness of the any

materials or information provided, derived, or received. Materials and information from any

source, whether written or verbal, that may be furnished for review are not a substitute for a

party’s active conduct of its own due diligence to determine these and other matters of

signiicance to such party. Trout Daniel & Associates will not investigate or verify any such

matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all

information and to conduct their own inspections and investigations including through

appropriate third party independent professionals selected by such party. All inancial data

should be veriied by the party including by obtaining and reading applicable documents and

reports and consulting appropriate independent professionals. Trout Daniel & Associates makes

no warranties and/or representations regarding the veracity, completeness, or relevance of any

inancial data or assumptions. Trout Daniel & Associates does not serve as a inancial advisor to

any party regarding any proposed transaction. All data and assumptions regarding inancial

performance, including that used for inancial modeling purposes, may difer from actual data or

performance. Any estimates of market rents and/or projected rents that may be provided to a

party do not necessarily mean that rents can be established at or increased to that level. Parties

must evaluate any applicable contractual and governmental limitations as well as market

conditions,vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be

discussed by the party with a certiied public accountant or tax attorney. Title questions should

be discussed by the party with a title oicer or attorney. Questions regarding the condition of

the property and whether the property complies with applicable governmental requirements

should be discussed by the party with appropriate engineers, architects, contractors, other

consultants and governmental agencies. All properties and services are marketed by Trout

Daniel & Associates in compliance with all applicable fair housing and equal opportunity laws.

Please note that there is no cooperating broker commission paid on this transaction by

the Owner. While buyer-brokers are welcome, they should receive their fee from the Buyer.

Gilbert R. Trout

443.921.9332

[email protected]


INVESTMENT OVERVIEWB U I L D I N G L AYO U T & P H OTO S | E X E C U T I V E S U M M A R Y | P R O P E R T Y D E TA I L S


PROPERTY OVERVIEW

With its blend of charm, central location and ease of access, the Alley Shops have been a Pikesville staple

for years. The Alley Shops ofers an investor an opportunity to acquire a 5-building, 26,421 square foot

retail and oice complex 100% leased, free and clear of debt, just inside the Baltimore Beltway (I-695), in

the heart of one of Baltimore County's main retail corridors. The Alley Shops are a short walk from many

restaurants, retailers, banks, post oice, medical oices, the Pikesville Library & Senior Center and the

historic State Police Headquarters.

Access is easy and parking is ample: Entry is available via Reisterstown Road, Church Lane, Bedford

Avenue and McHenry Avenue. Parking is abundant, and tenants beneit from the 112 spaces, a 4.24/

1,000 SF ratio. The Alley Shops is situated by three signalized intersections and is exposed to

approximately 30,000 cars per day. The property has been well-maintained by the same ownership and

in-house property management since 2004.

HISTORY OF LEASING SUCCESS

• Currently 100% leased, with consistently strong occupancy and low roll-over during current ownership.

Many of the tenants have been at the Alley Shops for decades. Blend of stable local retail, oice and

service-oriented tenants.

UPSIDE-READY

With an average base rent of approximately $13 PSF, modiied gross, there exists an opportunity

to build-leases to higher market rates, with NNN reimbursements.

INCENTIVE READY

Located in a Commercial Revitalization District, Baltimore County ofers incentives such as tax credits,

grant, interest-free loans and free architectural services. Visit:

http://www.baltimorecountymd.gov/Agencies/planning/neighborhoodresponse/commrevitalization/

In-place NOI: $227,448

% Leased: 100%

GLA: 26,421 SF

Lot Size: 1.73 Acres

No. Of Buildings: 5

Zoning: BL CT

Sub Market: Pikesville

Traic Count: 30,000

PROPERTY SUMMARY

INVESTMENT OVERVIEW | Executive Summary




INVESTMENT OVERVIEW | Building Layout: Bird's Eye




1330-R Reisterstown Rd.

1326 - 1328 Reisterstown Rd. 1330 Reisterstown Rd.

1330-R Reisterstown Rd. (rear view) 1420-1426 Reisterstown Rd.

1330-B Reisterstown Rd.

PROPERTY INFORMATION | Building Photos




COUNTY & ZONING: Baltimore County. BL-CT Zoning.

TAX ID NUMBERS: 1326 Reisterstown: 03-18036711. 4 Church Lane (lot): 03-18036712. 1330 Reisterstown: 03-18036710. 1420 Reisterstown: 03-12060827

ACCESS & SIGNALS: Access Via Reisterstown Road, Church Lane & Bedford Avenue. Signal at Reisterstown Rd and Church Ln, Walker Ave & McHenry Ave.

TRAFFIC COUNT: 30,000 average cars per day

LOT SIZE: Four parcels, consisting of 1.73 Acres

GROSS LEASABLE AREA: Five buildings, consisting of 26,421 SF

BUILDING BREAKDOWN: 1326-1328 Reisterstown Rd: improved with a single 8,641 SF building. 1330 Reisterstown Rd: improved with three buildings: one

semi-detached and two detached, consisting of 13,280 SF. 1420-1626 Reisterstown Rd: improved with a single 4,500 SF building.

PARKING SPACES & RATIO: 112. (101 Spaces at 1326-1330 Reisterstown Rd. 11 Spaces at 1420-1426 Reisterstown Rd.). Parking ratio of 4.24/1,000 SF.

TENANTS: Currently there are 21 tenants and one suite vacant. Additionally there is a 30-space parking lot lease to Hunt Valley Motor Coach.

LEASE TYPE: Modiied gross leases. Tenants pay own utilities. Owner pays CAM, taxes & insurance, except for Advance Medical's $150/m CAM charge.

UTILITIES, WATER & SEWER: Units metered individually for gas and electric. Tenants responsible for service of HVAC systems. Water and sewer are metered together.

ROOF & HVAC: Roofs are rubber membrane and shingle. HVAC is gas-ired, forced hot air. There is central air condition in all units.

ROOF HISTORY: 1326-1328 Reisterstown Rd: Flat Rubber Floating Roof (original, with repairs as-needed)

1330 Reisterstown Rd: New Flat Rubber Roof on 5/2009 (15 Year Warranty)

1330 A Reisterstown Rd: New Shingle Roof on 11/2008

1330 B Reisterstown Rd: New Shingle Roof on 1/2005

1420-1426 Reisterstown Rd: New Flat Rubber Roof on 10/2000 (20 Year Warranty)

HVAC HISTORY: 1326 Reisterstown Rd (Tre'vino): New Indoor Unit on 5/2005

1328 Reisterstown Rd (Daryl Kemp): New Indoor & Outdoor Unit on 8/2016

1330 Reisterstown Rd (Restaurant): Complete Replacement on 12/2012

1330 A Reisterstown Rd (Hector's Tailoring): New Indoor & Outdoor Units on 1/2013

1330 B Reisterstown Rd (Super Kids): New Indoor & Outdoor Units on 7/2007

1330-R Reisterstown Rd (vacant): New Outdoor Unit on 6/2015

INVESTMENT OVERVIEW | Property Details



8

Gilbert R. Trout

443.921.9332

[email protected]


MARKET OVERVIEWP I K E S V I L L E H I G H L I G H T S | D E M O G R A P H I C O V E R V I E W | L O C A T I O N M A P S & A E R I A L | R E T A I L E R M A P


MARKET OVERVIEW | Highlights of Pikesville




Pikesville Retail

Reisterstown Road Retail Reisterstown Road Retail Pikesville Farmers Market

Quarry Lake

MARKET OVERVIEW | Highlights of Pikesville




PIKESVILLE, MARYLAND

• A mixture of independent stores, boutiques, national retailers and

restaurants are all located on the Reisterstown Road corridor.

• Pikesville has quick access to Baltimore's major employers while

retaining its small-town feel. Baltimore's northwestern suburb has a

thriving business community, parks and nationally-recognized public

and private schools. Bus and train access and bicycle paths abound.

• The median home value in Pikesville is $260,000, considerably higher

than the County's median home value of $209,500 and the national

median home value of $177,414. Approximately 62.6% of Pikesville

homes are owner-occupied.

POPULATION 1 MILE 3 MILES 5 MILES

TOTAL POPULATION 11,229 105,790 276,801

MEDIAN AGE 48.4 40.7 39.4

MEDIAN AGE (MALE) 46.1 37.9 37.2

MEDIAN AGE (FEMALE) 50.8 43.2 41.2

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

TOTAL HOUSEHOLDS 5,498 44,055 109,295

# OF PERSONS PER HH 2.0 2.4 2.5

AVERAGE HH INCOME $61,729 $74,328 $74,703

AVERAGE HOUSE VALUE $260,262 $301,284 $301,953

MARKET OVERVIEW | Demographic Overview




MARKET OVERVIEW | Location Maps




MARKET OVERVIEW | Market Aerial



MARKET OVERVIEW | Property AerialProperty Aerial





MARKET OVERVIEW | Retailer Map



17

Gilbert R. Trout

443.921.9332

[email protected]


ABOUT TROUT DANIEL & ASSOCIATES

THE ALLEY SHOPS PORTFOLIO SALE€¦ · % Leased: 100% GLA: 26,421 SF Lot Size: 1.73 Acres No. Of Buildings: 5 Zoning: BL CT Sub Market: Pikesville Traic Count: 30,000 PROPERTY SUMMARY

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