The KLNB Retail Investment Sales Group, Towson, Md., brokered the sale of Peninsula Crossing, a 330,000 square foot regional power center located in Millsboro to Cole Real Estate Investments for $37 million. The shopping center features Lowe’s Home Improvement, BJ’s Wholesale Club and PetSmart. Andy Stape, Mat Adler, and Vito Lupo of the KLNB Retail Investment Sales Group represented the seller, Millsboro Towne Center, LLC.
The center is located on Route 113, a main thoroughfare running parallel to the Eastern Shore, and is a 20 minute drive to the state’s beaches. This location allows Peninsula Crossing to attract both local consumers as well as seasonal and weekend vacationers.
“Peninsula Crossing is by far the dominant center within this submarket. The strong performance of the anchors and superior tenancy fit perfectly with what most investors are looking for today,” said Mat Adler of KLNB Retail. “Peninsula Crossing will be a complimentary addition to Cole’s existing portfolio.”
Cole Real Estate Investments, Inc. is a real estate investment trust focused on the acquisition, active management, leasing and financing of an retail, office and industrial portfolio. KLNB, LLC is comprised of two real estate services companies that include KLNB Retail, which specializes in the sale and leasing of retail properties as well as tenant representation, as well as NAI KLNB, a division that focuses on the sale and leasing of commercial office, industrial and warehouse properties.
Headquartered in Towson, Md., the other four full-service offices are located in Columbia, Md.; Washington, D.C; as well as Tysons Corner and the Dulles Airport area in Loudoun County, Virginia.