Montgomery County’s Silo Inn Shopping Center Sells for $17M
- May 19, 2014
The Silo Inn Shopping Center, a neighborhood retail center in the Olney section of Montgomery County, now has a new owner. Bethesda-based Finmarc Management Inc. sold the property to Taylor Georgia L.L.C., a real estate investment company headquartered in Ellicott City, for $17.4 million. Over the past 22 months, Finmarc has disposed of more than $367 million worth of properties.
The shopping center is located at 16800 Georgia Ave. It was developed by Finmarc in 2006 and offers 28,072 square feet of space. The property was 100 percent leased at the time of the sale. Anchored by an independent local natural foods grocery store called Roots Market, it is also home to five other tenants, including Wachovia Bank and Starbucks.
“Taylor Georgia L.L.C. acquired a highly visible and excellently maintained neighborhood shopping center with an extremely stable tenant roster that offers necessity-based products and services to the local community,” said Marc Solomon, principal of Finmarc, in a statement for the press. “Roots Market has proven to be a strong destination grocer, based on its selection of gourmet and organic food products, that sets it apart from traditional grocery store brands. Each of the tenants has developed a strong and loyal consumer following.”
According to Marcus & Millichap, developers will deliver 1 million square feet of retail space in the Washington, D.C., area this year. However, this won’t lead to a rise in vacancy, as most projects are heavily pre-leased. Due to strong demand, retail vacancy in the area is expected to drop to 4.3 percent this year. Meanwhile, asking rents will rise to $26.01 per square foot in 2014, an increase of 1.4 percent year over year.Photo credit: Finmarc Management Inc. Charts courtesy of Marcus & Millichap.