8819 Greenbelt Rd
Greenbelt, MD 20770
Cipriano Square | Washington DC MSA · Commerce de détail Propriété À vendre

In 2017, Zion Church, a regional mega-church with more than 21,000 members across four locations, purchased the
former Kmart, and is the present anchor of the center. With multiple Sunday services and various other programming
running throughout the week, the church and shopping center combine to form a cultural hub of the Greenbelt
community. Cipriano Square further benefits from a known multi-decade presence along Greenbelt Road with
approximately 43,000 VPD. It is also proximate to Nasa-Goddard Space Flight Center with 10,000+ employees.
Cipriano Square has been leased and managed by its out-of-market ownership for nearly 30 years. A seasoned
tenant base with average tenancy of nearly 13 years occupies the center. Five tenants have occupied space for 20
to 30 years, including Five Guys. National brands include names such as Dunkin’, Papa John’s Pizza, UPS Store,
supported by regional brands such as Ledo’s Pizza and America’s Best Wings. Recent leasing momentum and
tenant activity at the center has been robust. In early 2024, the center’s current largest tenant by revenue, North
South Liquors, more than doubled the size of its premises, expanding to its current footprint of 5,680 SF. Later
in 2025 and 2026, four new tenants leased space at consistent rental rates of $35-38 PSF with minimal tenant
improvements allowances and free rent. Excluding the Hershey’s Ice Cream end-cap, the center’s average inline
rental rate is approximately $39 PSF. Additionally, 11 of the 19 tenants lack renewal options, providing the landlord
excellent leverage in future lease negotiations. Leasing brokers in the market report healthy tenant demand for
vacancy with limited new retail construction expected in the immediate trade area.
Cipriano Square is a well-leased and professionally managed center that boasts weighted average lease term
of 5 years, which includes a pending 5-year renewal from Five Guy’s presently in negotiations. Five Guys is the
second largest tenant by revenue and occupies a prime end-cap space. The corporately backed lease provides
enhances the credit profile of the offering, and the brand has successfully operated at this location since 2006.
The unit reports respectable store sales, and the tenant’s most recent extension (which lacked options) furthers
demonstrates this tenant’s long-term commitment. Notably, Five Guys has renewed at Cipriano Square twice
previously. When considering the balance of the diversified rent roll, it is notable that no one tenant is more than
16% of overall revenue, with the liquor store being the largest at only 5,680 SF. This diversity provides downside
protection in this essential retail strip center