This Week's Baltimore Deal Sheet
Baltimore-based America’s Realty and partners purchased a shopping center in the Rosedale section of Baltimore County for $7.15M.
The acquisition of the nearly 91K SF Kenwood Shopping Center marks the first sale in the history of the 40-year-old property, according to broker KLNB. The seller was a private Baltimore-area family, KLNB said.
The property is 92% occupied and anchored by Goodwill and Advance Auto Parts, which has been located at the center since 1998. It is located near the interchange of I-95 and I-695.
Despite disruptions in the debt market and inflation, KLNB marketed the property as a value-add asset. The firm emphasized the opportunity for a new owner to improve the quality of tenants with capital investments in the property.
"We specifically marketed Kenwood Shopping Center to leverage its existing characteristics and attract buyers who could see the property as an attractive value-add retail center that’s perfect for capital expenditures, remerchandising, and lease-up opportunities," KLNB principal Chris Burnham said in a statement. "The result was a competitive bidding process and a strong buyer who sees Kenwood’s potential."
SALES
Towson University purchased the historic downtown Towson Armory, which houses school facilities, from an affiliate of developer Greenberg Gibbons for $8.6M.
Greenberg Gibbons redeveloped the former National Guard armory building as part of the larger Towson Row project. The building reopened in 2021 as the home of Towson University's StarTUp Accelerator.
“The armory has proven to be an asset for TU and the downtown Towson community in just 17 months since we officially opened its doors," interim university President Melanie Perreault said in a statement. "This transaction only means that the impact, and the partnerships that are created here, will last for generations to come."
LEASES
The 114K SF Alameda Marketplace in Baltimore is now fully leased after sneaker and apparel store Snipes leased 5,400 SF and recently opened. Snipes, a German firm, operates 300 stores in the U.S. and carries brands like Adidas, New Balance and New Era.
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Ross Dress for Less inked a 21K SF lease at Lansdowne Station in Arbutus with developer David S. Brown Enterprises. The center includes 190K SF of retail and 55K SF of offices. Existing tenants include a Walmart Supercenter, Petco, Dollar Tree and LA Fitness.
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New York-based Veterinary Emergency Group signed a lease at developer David S. Brown Enterprises' Woodholme Square Shopping Center in Pikesville. Veterinary Emergency Group, a veterinary hospital with 40 locations nationwide, plans to open a clinic in Pikesville this summer. The property has 61K SF of office and retail space on two levels. Its tenants include Nationwide Insurance, Yogolaada and Metro Broker Jewelers.
DEVELOPMENT
A crowdfunding campaign to lure local investment to redevelop Baltimore's Edmondson Village Shopping Center has raised $195K in three weeks, according to the Baltimore Business Journal. The shopping center in West Baltimore once served as a beacon of the city's post-World War II prosperity but has declined over the decades and has been the scene of violent crimes.
THIS AND THAT
The Howard County Department of Housing and Community Development is seeking proposals for projects to add to its affordable housing stock. The county is looking for various ideas, including rehabbing and constructing multifamily properties. Submissions must be eligible for funding via the county's Housing Opportunities Trust Fund, which received an initial allocation of $5M in the county executive's fiscal year 2023 budget.
