Saul Centers Acquire Kentlands Square

Saul Centers Inc., an equity real estate investment trust, acquired a 109,625-square-foot neighborhood retail center located within the Kentlands development in Gaithersburg, MD. The property, constructed in 1993, is anchored by a 102,250-square-foot Lowe's home improvement store and is part of Kentlands Square, a shopping center exceeding 350,000 square feet of retail space. The Kentlands Square acquisition is fully leased and includes an additional 6,000 square feet of retail development potential. The property was acquired for $14.3 million or $123.22 per square foot, subject to the assumption of a $7.8 million mortgage. The Kentlands Square shopping center is contained within the 352-acre Kentlands development, home to approximately 5,000 residents living in 1,500 units.