Edens & Avant Pays $15M for 160,773-SF Asset

PRINCE FREDERICK, MD-Columbia, SC-based Edens & Avant has acquired a retail center here for $14.5 million from a limited partnership. The 160,773-sf asset was 95% leased at sale time.

Paul Collins and Jud Ryan of Cassidy & Pinkard Colliers represented the seller, Calvert Village LP. Located at 186 W. Dares Beach Rd. along the highly traveled Route 2/4, Calvert Village Marketplace is anchored by a Safeway, a 55,301-sf structure completed in December 2003. A second anchor, the 13,500-sf Apex Movie Theatre, has the added benefit of being the only movie house in Calvert County.

Calvert Village Marketplace fits the Columbia, SC-based company’s core investment MO, which is to acquire grocery-anchored shopping centers in close-in metro areas. Earlier this year, the company acquired an 84,502-sf shopping center in Arlington, VA, for $22 million as reported in GlobeSt.com. Typically its strategy is to re-tenant or reposition. Increasingly, however, the company has been considering new redevelopment options outside of the model, including mixed-use projects. Edens & Avant was unavailable to be reached for comment on its latest acquisition.