Everyone Wants a Shopping Center
Oak Tree Management’s acquisition of the 54k SF Arundel Village Plaza Shopping Center is the latest in a string of trades that show that Baltimore shopping centers are a hot ticket. (That is, if we can ever dig them out of this snow.)
The 11-tenant center in Brooklyn Park sold for $6.5M, and Greysteel retail head Gil Neuman (whom we snapped at a Bisnow event with Kodiak Properties’ Scott Spector) tells us it’s the third Baltimore metro shopping center that Greysteel has sold in five months. Arundel Village drew several bids from buyers along the Eastern Seaboard; Greysteel also drew multiple offers when repping Heritage Properties the 40k SF Joppa-Perring Retail Center in Parkville for $6.9M on the sale of the and Vanguard Equities on the sale of 37k SF Miramar Plaza Shopping Center in Middle River for $5.2M.
BTR Capital was the seller of Arundel Village Shopping Center (above). Gil tells us his team also has Continental Realty’s 113k SF, grocery-anchored Alameda Marketplace under contract after 12 bids. Capital isn’t earning money in banks, he says, and low interest rates are keeping retail cap rates low in primary and secondary markets.