Broad Street Realty, Inc. operates as an integrated real estate company. The company owns, operates, develops and redevelops primarily grocery-anchored shopping centers and street retail-based properties in the Mid-Atlantic and Denver, Colorado markets.
The company provides commercial real estate brokerage services for its own portfolio and third-party office, industrial and retail operators and tenants. Its structure provides for a fully-integrated platform of property ownership combined with...
Broad Street Realty, Inc. operates as an integrated real estate company. The company owns, operates, develops and redevelops primarily grocery-anchored shopping centers and street retail-based properties in the Mid-Atlantic and Denver, Colorado markets.
The company provides commercial real estate brokerage services for its own portfolio and third-party office, industrial and retail operators and tenants. Its structure provides for a fully-integrated platform of property ownership combined with its management and brokerage business. As of December 31, 2019, the company owned 88.4% of the units of limited partnership interest in its Operating Partnership (OP units). The company is the sole member of the sole general partner of its OP units.
Portfolio
As of December 31, 2019, the company owned 10 retail properties, all of which are located in the Mid-Atlantic region, consisting of 1,012,861 total square feet of gross leasable area (GLA).
Tenants
As of December 31, 2019, the company’s tenants included Food Lion; Earth Fare; New Grand Mart; Urban Air; Dollar Tree; Planet Fitness; Shoppers Food Warehouse; LA Mart; Value Village; Family Dollar; Crunch Fitness; Crossroads Animal; Aldi; Big Lots; Goodwill; Ace Hardware; Dollar General; Marshalls; Davita Dialysis; and YMCA.
Properties
Avondale Shops, Washington D.C.
Avondale is a strip retail property located in the northeast region of Washington D.C. at the signalized intersection of Michigan Avenue and Eastern Avenue. The property has 28,044 square feet of GLA and, as of December 31, 2019, was 86.1% leased to eight tenants and accounted for 4.6% of the company’s total annualized base rent. The anchor tenant, Dollar Tree, represents approximately 29.3% of Avondale’s total annualized base rent as of December 31, 2019 and its lease expires in May 2027.
Brookhill Azalea Shopping Center, Richmond, Virginia
Brookhill is a retail center located on the border of the City of Richmond and its northern suburbs in close proximity to major transportation corridors Interstate 95, U.S. Route 1 and U.S. Route 301. The property is located adjacent to major retail demand drivers Walmart and CVS Pharmacy. The property has 163,030 square feet of GLA and, as of December 31, 2019, was 81.7% leased to 24 tenants and accounted for 10.5% of the company’s total annualized base rent. The anchor tenant, Food Lion, represented 23.5% of Brookhill’s total annualized base rent as of December 31, 2019 and its lease expires in January 2025. Other notable national tenants include Dollar General, Aarons Rents and Kentucky Fried Chicken. The property management for Brookhill is performed by a third-party manager that is responsible for the day-to-day aspects of managing Brookhill, including collecting rents, maintaining the property in good working order and providing the company with periodic property condition reports and leasing pipeline updates. The company is responsible for the back office management of Brookhill, including processing rental payments and accounting functions.
Coral Hills Shopping Center, Capitol Heights, Maryland
Coral Hills is a retail center located in the densely populated Capitol Heights neighborhood. The property is anchored by Shoppers Food Warehouse and is adjacent to McDonalds and across the street from a CVS Pharmacy. The property has 85,928 square feet of GLA and, as of December 31, 2019, was 100.0% leased to 16 tenants and accounted for 10.8% of the company’s total annualized base rent. Shoppers Food Warehouse represented 24.7% of Coral Hill’s total annualized base rent as of December 31, 2019 and its lease expires in February 2026. Other notable national tenants include Family Dollar and AutoZone.
Crestview Square, Landover Hills, Maryland
Crestview is located in a densely populated suburban market near the Hyattsville Arts District and University of Maryland College Park campus. The property is located less than a mile from major regional transportation corridors, including Interstate 295 and U.S. Route 50. The property has pylon signage at the signalized intersection for Annapolis Road and Cooper Lane and is in close proximity to national retailers Walmart and McDonalds. The property has 74,694 square feet of GLA and, as of December 31, 2019, was 100% leased to 20 tenants and accounted for 11.9% of the company’s total annualized base rent. The anchor tenant, Value Village, represented 18.6% of Crestview’s total annualized base rent as of December 31, 2019 and its lease expires in September 2024.
Dekalb Plaza, East Norriton, Pennsylvania
Dekalb is a retail center located in a Philadelphia suburb. The property is located at a major signalized intersection of Dekalb Pike and West Germantown Pike and is positioned in close proximity to Walmart and T.J. Maxx and across the street from Suburban Community Hospital, part of the national Prime Healthcare system. The property has 178,815 square feet of GLA and, as of December 31, 2019, was 81.5% leased to 12 tenants and accounted for 12.6% of the company’s total annualized base rent. The anchor tenant, Big Lots, represented 18.3% of Dekalb’s total annualized base rent as of December 31, 2019 and its lease expires in January 2025. Other notable tenants include Crunch Fitness, Urban Air trampoline and adventure park, Goodwill and Chick-fil-A.
Hollinswood Shopping Center, Baltimore, Maryland
Hollinswood is a retail center located in suburban Baltimore, Maryland. The property has 112,698 of GLA and, as of December 31, 2019, was 84.3% leased to 22 tenants and accounted for 12.3% of the company’s total annualized base rent. The anchor tenant, LA Mart, represented 19.6% of Hollinswood’s total annualized base rent as of December 31, 2019 and its lease expires in October 2030. Other notable tenants include Dollar Tree, Advance Auto, Dollar General and a Royal Farms convenience and gas center.
Midtown Colonial, Williamsburg, Virginia
Midtown Colonial is a retail center located in Williamsburg, Virginia. The property is part of the Midtown Row redevelopment, which will create a mixed-use town center in Williamsburg, Virginia. The property is located adjacent to The College of William & Mary, within minutes of the campus center, and is situated at signalized intersections along Monticello Avenue. The property has 98,043 square feet of GLA and, as of December 31, 2019, was 70.3% leased to five tenants and accounted for 5.1% of the company’s total annualized base rent. The property is under-occupied at this time as it is undergoing re-leasing as the property re-development nears completion. The anchor tenant, Food Lion, accounted for 30.2% of Midtown Colonial’s total annualized base rent as of December 31, 2019 and its lease expires in November 2028.
Midtown Lamonticello, Williamsburg, Virginia
Midtown Lamonticello is a retail center located in Williamsburg, Virginia. The property is located directly across the street from The College of William & Mary, within minutes of the campus center. It is situated at a signalized intersection along Monticello Avenue that is shared with the company’s Midtown Colonial property. The property has 63,173 square feet of GLA and, as of December 31, 2019, was 94.9% leased to 11 tenants and accounted for 8.7% of its total annualized base rent. The anchor tenant, Earth Fare, accounted for 44.9% of Midtown Lamonticello’s total annualized base rent as of December 31, 2019 and its lease was scheduled to expire in June 2038. On February 3, 2020, Earth Fare filed for bankruptcy and announced that it was closing all of its stores. Earth Fare was purchased out of bankruptcy with plans to reopen several of the shuttered stores, including the location at Midtown Lamonticello. The company has entered into a new ten-year lease agreement with Earth Fare at an initial base rent of $15.00 per square foot and a rent commencement date of November 1, 2020. Ace Hardware was relocated from the Midtown Colonial location to Midtown Lamonticello and rent commenced in January 2019.
Vista Shops at Golden Mile, Frederick, Maryland
Vista is a retail center located in Frederick, Maryland. The property is accessible from the main retail thoroughfare West Patrick Street, also known as The Golden Mile, and in close proximity to Interstate 270. The property has 98,885 square feet of GLA and, as of December 31, 2019, was 91.4% leased to 21 tenants and accounted for 13.0% of the company’s total annualized base rent. Aldi accounted for 14.0% of Vista’s total annualized base rent as of December 31, 2019 and its lease expires in December 2023. Aldi’s lease was originally scheduled to expire in 2018 and the term was extended and the base rental rate was increased by 26%. Other notable tenants include Planet Fitness, Dollar Tree and Care Veterinary Center, owned by Pathway Vet Alliance, which operates over 150 locations.
West Broad Commons, Richmond, Virginia
West Broad is a retail center located in the suburbs of Richmond, Virginia. The property is located at a signalized intersection along West Broad Street and in close proximity to Costco, McDonalds, Sam’s Club and Guitar Center. The property has 109,551 square feet of GLA and, as of December 31, 2019, was 91.6% leased to 16 tenants and accounted for 10.5% of the company’s total annualized base rent. The anchor tenant, New Grand Mart, is a specialty grocer with four locations in the metro Washington D.C. region and two in Richmond, Virginia. New Grand Mart accounted for 32.6% of West Broad’s total annualized base rent as of December 31, 2019 and its lease expires in December 2027.
Property Management and Brokerage Business
The company manages or co-manages the properties in its portfolio, the six properties that are under contract to be acquired and three other properties. The company also leases all of its owned and managed properties. As of December 31, 2019, of the 155 leases on the company’s owned properties, 132 are leased to small tenants representing 41.6% of its portfolio GLA and 57.2% of its total annualized base rent.
History
The company was founded in 1985. It was formerly known as Banyan Rail Services Inc. and changed its name to MedAmerica Properties Inc. in 2017. Further, it changed its name to Broad Street Realty, Inc. in 2019.
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