Alliance Capital Buys 12-Acre Parcel in Southfields of Elkton for $6.5 Million With Plans to Develop Up to 13 Retail Pad Sites
Sean Langford of MacKenzie Commercial Real Estate Services brokers sale of acreage on behalf of owner Stonewall of Elkton, LLC and has been retained to market pad sites to diverse range of end-users
Alliance Capital, a boutique investment firm headquartered in Miami, has acquired a 12-acre parcel contained within Southfields of Elkton, a 630-acre mixed-use development in the Elkton section of Cecil County, Maryland for $6.5 million. The group, which has deployed more than $160 million worth of equity across 20 states in more than 90 real estate projects, intends to sell, execute ground leases or internally develop approximately 13 pad sites to support various stakeholders and audiences situated within or near the community. Sean Langford, Senior Vice President, MacKenzie Commercial Real Estate Services represented the owner, Stonewall of Elkton, LLC in the sales transaction and has also been selected to market the pad sites to appropriate end-users.
Situated off MD Route 213 (Augustin Herman Highway), Southfields of Elkton is projected to contain 350 single-family homes, 85 townhomes and 250 multifamily units upon completion, creating a dedicated audience of more than 1,100 residents. The development will also include four industrial/warehouse buildings totaling more than 2.5 million square feet of space. One of these buildings, Elkton Commerce Center has been delivered, one is currently in final lease negotiations to an end user, and the final building will be constructed based on leasing pace.
The site also contains a planned $4 million regional outdoor sports complex featuring numerous playing fields that is expected to attract local youngsters, as well as teams from outside the region participating in weekend tournaments. More than 240,000 people, including families, are expected to utilize the venue on an annual basis. Southfields of Elkton will also include more than 280 acres of open-green space and recreational park areas.
“Southfields of Elkton represents a highly-unique opportunity for restaurants, healthcare providers, financial institutions and other end-users to capitalize on the captured audience within the community, as well as leverage the more than 100,000 people that currently live and work within a five-mile radius of the community,” explained MacKenzie’s Langford. “The wild card and true differentiator of the development is the on-site regional sports complex which will be a magnet for weekday games and practices and large-scale events and tournaments on the weekends.”
Langford explains that a diverse range of end-users is being targeted for the pad sites. This list includes sit-down, fast-casual and quick-serve restaurants; a hospitality component; car wash; gas station/convenience store element; day care center; financial institution; and healthcare or medical provider.
“Medical and healthcare groups, in particular, are expanding to the suburbs to be closer to where their patients live, so these groups will be a high priority,” Langford added. “These providers gravitate to projects with free parking, access to major highways and healthy demographics, which are all amenities of Southfields of Elkton. In addition, having one or multiple drive-thru lanes is a must for pad-site users to address the present-day needs of consumers, and we will be able to accommodate this requirement.”
Included within the trade area of Southfields of Elkton is Christianacare Union Hospital which is less than two miles away, the University of Delaware which is positioned less than 9 miles away, and Aberdeen Proving Ground.
According to data from the Southfields Economic Impact Study, more than 100 sports teams are expected to visit the sports complex each weekend, the hotel is projected to create 45,000 room rentals annually, and more than 240,000 market visits are expected to occur at the retail site.
More than 20,000 households are currently contained with a five-mile radius with an average household income approaching $120,000.
Alliance Capital started in the United States real estate market in 2009 and has generated sustainable risk-adjusted returns for its clients by following a disciplined approach, partnering with high-quality people, pursuing the highest standards of excellence, and aligning its interests with those of its investment partners. Visit www.alliancecmg.com
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies. For additional information, visit www.mackenziecommercial.com
