The grocery-anchored Edgewood Plaza shopping center sold to an undisclosed investor for $10.35M.
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The 76K SF shopping center at 2204-2250 Hanson Road in Edgewood is anchored by longtime tenants Food Lion and Dollar General. The property last sold in 2005 for $6.8M, according to property records.
KLNB’s Chris Burnham, Vito Lupo, Andy Stape and Jake Furnary represented the seller, Sandmar Properties.
“Despite the challenges of financing concerns becoming more prevalent, KLNB’s team secured nine offers from local, regional and national investors but ultimately selected a local private investor,” Stape said in a statement.
Brokers and investors told Bisnow last month that the Baltimore-area retail sector has enjoyed positive indicators, such as low vacancy rates and rising rents. However, interest rates and complex financing have slowed deals.
SALES
Developer P. David Bramble purchased for $1 a collection of deteriorating Baltimore industrial buildings that the city purchased for $2M in 2005, Baltimore Brew reports. The news website reported Bramble plans to redevelop the five-story warehouse as an administrative building, maintenance bay and storage facility for paving contractor P. Flanigan & Sons.
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Downtown Annapolis' historic Reynolds Tavern, which dates back to 1747, is for sale, according to Hyatt Commercial. The 7,620 SF pub is listed for $4.78M, and it is touted as a “once in a lifetime opportunity to own a piece of Annapolis' history.”
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Harris Teeter’s parent company intends to sell 10 locations in Maryland, D.C. and Virginia to the Piggly Wiggly grocery chain, The Baltimore Banner reports. The move comes ahead of Kroger’s planned merger with Albertsons.
LEASES
Defense contractor DCI Solutions Inc. signed a lease with St. John Properties to expand its operations at the Government and Technology Enterprise business park at Aberdeen Proving Grounds to roughly 12K SF. The company plans to move about 130 employees to 6175 Guardian Gateway this summer. Michael Tait of St. John Properties represented the landlord, and DCI was self-represented.
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Atelier Bmore, which provides display spaces for artists, signed a 3,500 SF lease at the 11K SF, 123-year-old property at 809 Cathedral St., Commercial Observer reports. The building has been owned for decades by a group of local investors through the entity 809 Cathedral LLC.
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