Carroll County residents Gregory and Amber Phelps, independent owners and operators of concept, sign lease with Continental Realty Corporation and opens store on November 16
Grocery Outlet, a high-growth, extreme value retailer of name-brand consumables and fresh products with more than 450 stores in eight states, opened its first location in the Carroll County marketplace on November 16. Independent owners and operators and Sykesville residents Gregory and Amber Phelps signed a lease with Continental Realty Corporation (CRC) for 22,069 square feet of space within Freedom Village, a nearly 130,000 square foot neighborhood shopping center situated at 6300 Georgetown Boulevard in Eldersburg, Maryland. Baltimore-based CRC is a vertically-integrated real estate investment and management company active in 11 states with more than $3.7 billion Assets Under Management (AUM). This marks Grocery Outlet’s sixth location in Maryland, joining stores in Catonsville, Edgewood, Glen Burnie, Hagerstown and Salisbury. Cherene Keenan, CRC’sCommercial Leasing Manager represented the landlord in this lease transaction.
As part of the grand opening festivities, Grocery Outlet presented a check to the South Carroll Food Pantry
Based in Emeryville, California, part of the Grocery Outlet Holding Corp. (NASDAQ: GO) and founded by Jim Reed in 1946, Grocery Outlet targets bargain-minded shoppers by offering a treasure hunt shopping experience in a small-box format. Each store contains sections for fresh meat, fruits, vegetables, and frozen foods, together with a deli and vegan food area, stocked with brand name product offerings. The concept maintains its low prices by employing an opportunistic buying approach that focuses on the purchase of excess inventory, packaging changes, and manufacturing overruns.
Amber Phelps explained that, with her husband Greg having extensive experience in the food and grocery industries, this represented the ideal opportunity for the couple to become involved with a national brand. “As owners rather than managers, we have total control on all decision-making and, in essence, can control our own destiny,” she explained. “Freedom Village is the perfect venue for the Grocery Outlet concept given the presence of Goodwill Industries. Many consumers that shop at the center bring a value-oriented approach and we will fit right in and, together, serve the needs of the local community.”
The owners of the local Grocery Outlet, Gregory and Amber Phelps, together with members of the Continental Realty Corporation team
Situated near the intersection of MD Route 26 (Liberty Road) and Georgetown Boulevard, Freedom Village is also anchored by Goodwill Industries and Centers for Advanced Orthopedics and features more than 20 stores, including Rite Aid, Panera Bread and Celebree School. Nearly 45,000 people reside within a five-mile radius of the center, including approximately 15,000 households with an average household income exceeding $125,000.
Nearly 30,000 vehicles pass the site daily. The Grocery Outlet lease elevates occupancy of the Freedom Village center to approximately 97 percent.
“Grocery stores typically bring customers to a shopping center one or more times weekly and attract repeat shoppers. This will benefit the other stores in the center as consumers take advantage of one stop shopping to complete errands,” stated Kristina O’Keefe, CRC’s Vice President, Commercial Division. “When shopping for food and staple items, consumers weigh key factors such as convenience, product quality and pricing, and Grocery Outlet represents a proven and highly differentiated concept that will add something unique to the Eldersburg grocery experience.”
Headquartered in Baltimore, Maryland and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of almost eight million square feet of commercial space and over 9,000 apartment homes across 11 states, with a portfolio value exceeding $3.7 billion. For additional information, visit www.crcrealty.com.
