Profile: Saul Centers Inc (BFS.N)
18 Dec 2013
Saul Centers, Inc. (Saul Centers), incorporated on June 10, 1993, operates as a real estate investment trust (a REIT). The Company’s principal business activity is the ownership, management and development of income-producing properties. As of December 31, 2011, the Company was the owner, developer and operator of a real estate portfolio consisting of 58 operating properties totaling approximately 9,543,000 square feet of gross leasable area (GLA) and two development parcels. The properties are located primarily in the Washington, DC/Baltimore, Maryland metropolitan area. The portfolio consists of 51 neighborhood and community Shopping Centers, and seven predominantly Mixed-Use Properties totaling approximately 7,932,000 and 1,611,000 square feet of GLA, respectively. The Company conducts its business through Saul Holdings Limited Partnership (the Operating Partnership) and/or directly or indirectly owned subsidiaries. On February 17, 2011, the Company purchased 4469 Connecticut Ave. On September 23, 2011, the Company purchased Kentlands Square II, three Giant Food-anchored shopping centers, Severna Park MarketPlace and Cranberry Square. On December 6, 2012, the Company acquired 53,000 square feet of retail space located on the east side of Rockville Pike (Route 355).
The Shopping Centers
The Shopping Center properties range in size from 17,000 to 575,000 square feet of GLA, with six in excess of 300,000 square feet, and average approximately 156,000 square feet. A majority of the Shopping Centers are anchored by several tenants and other tenants offering primarily day-to-day necessities and services. 34 of the 51 Shopping Centers are anchored by a grocery store.
The Mixed-Use Properties
Six of the seven Mixed-Use Properties are located in the Washington, DC metropolitan area and contain an aggregate GLA of approximately 1.2 million square feet, consisting of 1.1 million and 131,000 square feet of office and retail space, respectively, and 244 apartments. The seventh Mixed-Use Property is located in Tulsa, Oklahoma and contains GLA of 197,000 square feet. Van Ness Square is a six-story, 156,000 square foot office/retail building and is located in a developed commercial area of Northwest Washington, DC, which offers retail and restaurant amenities. Washington Square at Old Town is a 235,000 square foot Class A mixed-use office/retail complex located on a two-acre site along Alexandria’s main street, North Washington Street. Avenel Business Park is a 391,000 square foot research park located in the suburban Maryland, I-270 biotech corridor. The business park consists of 12 one-story buildings built in six phases. Clarendon Center is a recently constructed mixed-use Class A commercial and residential project located at the Clarendon Metro station in Arlington County, Virginia, which includes 171,000 square feet of office, 42,000 square feet of retail and 244 apartment units. Crosstown Business Center is a 197,000 square foot flex office/warehouse property located in Tulsa, Oklahoma.
Saul Centers Inc
Suite 1500E, 7501 Wisconsin Aven
BETHESDA MD 20814