A. J. & C. Garfunkel has obtained a $45 million loan for the refinancing of Corridor Marketplace, a 452,102-square-foot retail center in Laurel, Md. EagleBank provided the funds.
Constructed in 1996, Corridor Marketplace occupies the southwestern corner of the junction between the Baltimore Washington Parkway and Route 198. The property is situated less than 12 miles from the Baltimore-Washington International Airport and some 4 miles from downtown Laurel.
The shopping center served a population of 62,520 residents within a 3-mile radius, averaging a household income of $98,931 as of 2018, according to the owner. Corridor Marketplace houses tenants including Kohl’s, Hobby Lobby, Total Wine & More, Target, Big Lots, Starbucks and Aldi.
EagleBank’s commercial real estate team comprising Senior Vice President & Market Executive Kathy Harbold and Vice President & CRE Portfolio Manager David Redmond worked on providing the refinancing loan.
Slowing, yet healthy market
According to recent CBRE research, while retail space absorption recorded a significant slowdown in the first quarter of 2023, dropping to 8.6 million square feet from 31.5 million square feet same time last year, it remained positive for the 10th consecutive quarter. Demand for newly constructed product, particularly in the power center and neighborhood, community and strip center segments, continues to be strong, according to the same source.
In the first quarter of 2023, the average national retail availability decreased by 50 basis points year-over-year, to 4.8 percent, its lowest level since CBRE began monitoring the market in 2005.