A recent listing on LoopNet, an online marketplace for commercial real estate, shows that the Home Depot located at 15740 Shady Grove Rd. in the 270 Center in Gaithersburg is available through a 13.5-year NNN lease. Per Investopedia, “a triple net lease (triple-net or NNN) is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities. In contrast, in standard commercial lease agreements, some or all of these payments are typically the responsibility of the landlord.” Home Depot and Best Buy have anchored the property since its inception in 1994. An Amazon Fresh grocery store is expected to open in September.
Per the listing: CBRE’s National Retail Partners and Net Lease Property Group are pleased to present the opportunity to purchase a 13.5 Year NNN Home Depot in Gaithersburg, MD, one of the most affluent and sought-after markets in the nation. Home Depot is a co-anchor of 270 Center, an extraordinary shopping destination shadow-anchored by a powerful mix of destination retailers including Best Buy, Nordstrom Rack, and soon, a brand new Amazon Fresh grocer. The property benefits from a solid lineup of destination shadow anchors featuring high historical occupancy, impressive sales, and long-term leases. Nordstrom Rack has been at the property for ±10 years and is ranked the 2nd busiest Nordstrom Rack in the state of Maryland by customer foot traffic. Best Buy has co-anchored the property since its inception in 1994. The property benefits from a solid lineup of destination shadow anchors featuring high historical occupancy, impressive sales, and long-term leases.
270 Center will soon be home to a brand new Amazon Fresh, one of the first locations in the Washington, D.C. region. The grocer will feature traditional checkout counters, with a variety of high-tech omni channel offerings including Amazon Dash Cart, Amazon Alexa technology, Amazon Echo assistance, as well as the sprinkling of some of Amazon’s most in demand technology for purchase. The grocer’s grand opening is planned for Q3 2022. Amazon has opened 23 Amazon Fresh stores across six states and the District over the last 18 months. There are currently at least two dozen Amazon Fresh stores in various stages of planning or construction across the U.S. with plans to open dozens, if not more of these stores in major U.S. metros in the next three years.
The Home Depot at 270 Center is ideally situated on Shady Grove Road in Montgomery County, in the city of Gaithersburg, MD. The center is prominently located one quarter mile from the “The Technology Corridor” I-270, a major thoroughfare in Maryland connecting Montgomery County to nearby Washington D.C. and Baltimore. Average daily traffic counts are in excess of 211,400 and 40,750 on I-270 and Shady Grove Road respectively, making this an outstanding long-term investment with an irreplaceable retail location. The property is also in proximity to WMATA’s Shady Grove metro station, located just 1.5 miles east from the site. The property’s location in Gaithersburg places it within the heart of an affluent and growing trade area located just 12 miles outside of Washington, D.C. There are 135,237 people with average annual household incomes of $138,129 living within a three-mile radius of the property. This location has seen significant population growth over the last decade with an additional 4.7% forecast through 2026. In the close-in one-mile radius the population is anticipated to grow an outstanding 10.2%.