Retail at Upper Rock

Rockville, MD 4 Units

10, 20, & 28 Upper Rock Circle
The Retail at Upper Rock is best-in-class retail that is newly constructed and fully leased to a strong roster of successful retailers, including MOM’s Organic Market, CVS, CAVA and Firehouse Subs. Strategically situated at the intersection of Route 270 and Shady Grove Road, the asset is anchored by a MOM’s Organic Market, which looks to expand further into the market where they were founded. MOM’s was founded in Rockville in 1987 and has since grown to a total of 18 locations, spanning 5 different states and Washington DC. The additional location will mark the second store in Rockville, and a push to establish dominance in this market as the premier organic grocer as Whole Foods is the only other organic grocer within a 5 mile radius of the property. Rockville has been a catalyst for the organic grocer’s growth due to the strong demographics of the region that keep this market insulated from economic headwinds. The 3-mile radius surrounding the property boasts a population of approximately 132,000 people, a daytime population of 173,000 people, and an average household income of $154,000. Consumers in the surrounding area have plenty of purchasing power to drive retailer success, which is why MOM’s is expanding in Rockville, the market where they are based and have found historical success. In addition to the strong regional demographics, the site provides unmatched accessibility and visibility from Shady Grove Road, and attributes such as EV charging stations, a green roof, and recycling program on site which strongly appeals to their target customer base.
The asset location receives unmatched exposure due to 200,000 vehicles passing along the I-270 interchange and 42,000 from Shady Grove road each day. This premier exposure is enhanced further by the Mira Upper Rock, a 551 unit multi-family complex that is 95% occupied, and a 238,000 square foot office building that was recently renovated and stands at 97% leased. With a Metro Station approximately one mile away, a Metrobus stop and Bus Rapid Transit (BRT) station within 500 feet of the site, there is abundant modes of regional connectivity. The Upper Rock district is a true live-work-play environment due to their residential offering, adjacent amenity base and close proximity to regional employment hubs. The area is set to undergo continued growth with the proposed Shady Grove Innovation District, as the average household income in the three-mile radius surrounding the property is projected to increase almost $21,000 to $175,000/year, a 13.6% increase by 2028. This increased affluence is driven by some of the region’s most distinguished employers and resurgence of the inner suburban markets within the Washington MSA. Supported by immediate access to I-270, MD-200 (Intercounty Connector), the Beltway (I-495) and proximity to the Shady Grove Metro Station, which gives residents easy access to Washington DC. As a thriving asset in the heart of a growing community, The Retail at Upper Rock presents a grocery-anchored asset that is surrounded by a dense and affluent population with continued market growth, which provides investors with the opportunity to acquire stable cash flow with market upside.
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