8865 Greenbelt Rd Greenbelt, MD 20770

Institutional Property Advisors is pleased to present the opportunity to purchase Cipriano Square, a 35,793 square-Foot essential services retail strip center in Greenbelt, Maryland. Constructed in 1983, and substantially renovated in 1999, this retail center was originally anchored by Kmart, an indication of location’s retail longevity in the community. 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 46,000 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 [DZ1] . 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. [DZ1] Ownership confirm red font