22 Oct Scheer Partners Represents SJS Wildewood, LP in $28.4 Million Sale of Wildewood Shopping Center
California, MD – Scheer Partners, the leading provider of fully integrated commercial real estate services in the Washington and Baltimore metropolitan areas, announced today that it has negotiated on behalf of SJS Wildewood, LP for the sale of Wildewood Shopping Center in St. Mary’s County.
The retail center is 292,000 square feet on 36 acres. Scheer Partners performed property management, construction management, and leasing functions at the property. Sandy Hunt, Senior Vice President of Investment Sales at Scheer Partners, represented the seller, and Finmarc Management, Inc., the purchaser, represented itself.
“Providing our clients the highest asset value through integrated services is our hallmark,” says Robert Scheer, President of Scheer Partners.
The center is currently 95 percent occupied and has four national anchors: JC Penney, Belk Department, and the recently opened Bed, Bath & Beyond. DSW Shoe Warehouse is scheduled to open October 23, 2014. There are 50 tenants at the center, including four pad sites leased to BB&T Bank, Outback Steakhouse, Cheeseburger in Paradise, and DB McMillan restaurant.
Located on Wildewood Boulevard, the prime entranceway into a PUD with over 3,000 homes, the center is one mile from the St. Mary’s County airport. The average household income exceeds $110,000, with 20 percent growth predicted by 2020. St. Mary’s County is the fastest-growing county in the State of Maryland.