News release

Maryland community retail center secures $22M in financing

JLL Capital Markets arranged the refinancing for the 282,039-square-foot Arundel Plaza in Glen Burnie, Maryland

March 19, 2024

Jenna Sharp

Capital Markets PR
+1 214 438 6450

MORRISTOWN, March 19, 2024 –  JLL Capital Markets announced today that it has arranged the $22 million refinancing of Arundel Plaza, a 282,039-square-foot community shopping center located in Glen Burnie, Maryland.

JLL represented the borrower, United Hampshire U.S. REIT (“UHREIT”), to secure the five-year, fixed-rate loan through a correspondent life company lender.

Built in 1967 and renovated in 2017, the six-building Arundel Plaza is 100% occupied by 15 diverse tenants. The property is anchored by Lowe’s, a home improvement and appliance store with 2,181 locations across North America, and Giant Food of Maryland, LLC, a subsidiary of Ahold Finance, LLC (S&P: BBB), an American supermarket chain with 165 stores across Delaware, Maryland, Virginia and Washington, D.C. Additional tenants include Jersey Mike’s Subs, FedEx, Hook and Reel, Panda Express and Chipotle. Arundel Plaza features an average tenancy of eight years with a weighted average lease expiry of 7.8 years.

Situated at 6620 Governor Ritchie Highway, the property is strategically located with over 1,300 feet of frontage along Governor Ritchie Highway, Maryland’s longest highway, which offers direct access to Baltimore and Annapolis. The center is within proximity to a robust transportation infrastructure, including Maryland Route 3, Maryland Route 10, I-97 and I-695 within one mile of the property, as well as a dense population of 183,000 residents within the center’s trade area (five-mile radius). Due to its location and strong tenancy, Arundel Plaza received approximately 2.2 million site visits over the past 12 months.

The JLL Capital Markets Debt Advisory Team was led by Senior Managing Directors Michael Klein and Jon Mikula, Senior Director Evan Parker and Analyst John Cumming.

“UHREIT has made significant improvements to the shopping center in the last few years, which has helped drive tenant demand,” said Mikula.  “Lender interest in necessity retail is at a recent all-time high, and this transaction was no exception.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About United Hampshire US REIT

Listed on the Main Board of the Singapore Exchange Securities Trading Limited on 12 March 2020, United Hampshire US REIT is a Singapore real estate investment trust established with the principal investment strategy of investing in a diversified portfolio of stabilized income-producing grocery-anchored and necessity-based retail properties along with modern, climate-controlled self-storage facilities located in the United States of America. UHREIT’s portfolio consists of 22 properties located along the east coast of the U.S. with 20 grocery-anchored and necessity-based retail properties and two modern, climate controlled self-storage properties. As of December 2023, the portfolio reports a 97.4% committed occupancy for Grocery & Necessity properties and a total property value of $763.4 million across 3.8 million square feet of commercial real estate.