West Ocean City Retail Land Lease - Tremendous Upside

Highlights:

• Opportunity to Acquire land and improvements simultaneously
• West Ocean City market with frontage on Route 50
• Prime redvelopment site with excellent current income

Description:

21.15 Acres under long term land lease with Ocean City Outlets. West Ocean City, Maryland | Route 50 Frontage

This long-term land lease (through 2083) offers long term stable cash flow under one of the region's premier retail destinations located just outside of one of the most popular destinations on the east coast - Ocean City, MD

Beyond this stable long-term hold is a unique redevelopment opportunity whereby both the land and retail improvements can be acquired simultaneously. The Ocean City Outlets retail offering is currently available through Berkeley Capital Advisors. Details on the property can be found at https://www.crexi.com/properties/1996212/maryland-outlets-ocean-city.

With the acquisition of the land and improvements, a buyer can remove the retail only use restriction in the land lease and put together a mixed use project that could include condos, a hotel, retail, and perhaps even a destination conference center - unlike anything else in the region. As the current retail leases expire or are potentially relocated or bought out, a new owner can systematically redevelop the 21.15-acre site in phases - allowing the remaining income to help offset costs during the redevelopment.

Ocean City Outlets is a 199,425 SF retail shopping center featuring a curated blend of top performing national retailers and some of Ocean City’s most beloved local retailers and restaurants. Strategically positioned on Ocean Gateway (Route 50), the region’s major east-west corridor, the property sits just west of the bridge onto the island of Ocean City—offering unmatched visibility and access to travelers. With over 8 million annual visitors and a summer population of 320,000, this is a fantastic opportunity.

The time is NOW to secure this extremely rare combination of land and improved retail. There is no other site anywhere close to Ocean City offering 21 acres with tremendous visibility and traffic with this type of redevelopment opportunity. The unencumbered land recently appraised for $13.2M, which is a strong indicator of the market vibrancy - and it is being offered for less than half of that value.

Located along the main Route 50 corridor just west of the Route 50 bridge heading into downtown Ocean City. This is one of the most highly trafficked corridors on the Eastern Shore of Maryland with counts skyrocketing in the summer months.

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