On Tuesday, Bethesda-based The Premiere Cos. bought the Belvedere Square shopping center in north Baltimore from War Horse Cities LLC for an undisclosed price.
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The Premier Cos. CEO Jonathan Cutler said in an email his firm purchased the “iconic property” near the city line adjacent to the famed art deco Senator Theater for “a solid value” but did not share specifics. He credited President Adam Santos with spearheading the deal.
“Premier’s strength has always been management and operations, and while War Horse Cities did an excellent job before us, we see opportunities to increase occupancy and reduce expenses over the long term,” Cutler said.
The firm already manages properties in Baltimore, and Cutler said the firm was searching for an acquisition opportunity. That's when the chance to purchase the property presented itself.
The Premier Cos. plans capital improvements at Belvedere Square and to continue investing in community events that started under War Horse’s ownership.
“We bought Belvedere Square because of its great reputation and sense of place in the community and our plan is to continue and build on that tradition,” Premier's executives wrote in an email.
The roughly 100K SF shopping center is about 90% leased, according to the new owners. Credit tenants include Loyola University’s clinical center, which recently signed a new 10-year lease, University of Maryland Urgent Care, Truist and Dunkin'.
KLNB represented War Horse Cities in the transaction. Chris Burnham, that firm's principal of retail investment sales, called the deal a “monumental transaction.”
“Belvedere Square comes with its own unique set of challenges as it is a complicated asset but was further complicated by the current volatility in the debt market, and overall investment sales climate, which makes it truly remarkable to be able to execute on a transaction of this magnitude for our clients,” Burnham said in a statement.
War Horse Cities, founded by Scott Plank, purchased the property roughly a decade ago. At the time, the shopping center was struggling to hold onto tenants. Since buying the property, War Horse has invested millions of dollars in improving it.
LEASES
Tacos Way Hunt Valley and Quickway Japanese Hibachi have inked separate deals with St. John Properties at two of the company's Baltimore County properties.
Tacos Way Hunt Valley plans to open a 2,495 SF taqueria in December at Yorkridge Center North, a 10K SF inline retail property at 10540 York Road.
Quickway Japanese Hibachi plans to open early next year at Yorkridge Center South at 1830 York Road, a 101K SF mixed-use business park of flex/research and development space spread over three buildings.
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Baltimore Pickleball Club LLC signed a 12K SF lease with St. John Properties at the firm's Timonium Exchange property in Baltimore County. According to the property owner, the club will be the first fully dedicated indoor pickleball facility in the area. The club expects to open the facility late next year.
CONSTRUCTION
The Goldstar Group plans to break ground Friday on its Residences at East Church Street in Frederick. The development will consist of 350 apartments in five four-story buildings. The start of construction follows Acres Capital Group approving a nearly $84M construction loan in November.
PERSONNEL
Alicia Wilson is leaving Johns Hopkins for a new role as managing director of JPMorgan Chase's North American philanthropy team.
Most recently, Wilson worked at Johns Hopkins University and Johns Hopkins Health System as vice president of economic development and community partnerships.
As a Port Covington development team member, Wilson played a leading role in securing public support for the massive redevelopment recently rebranded as Baltimore Peninsula.
THIS AND THAT
A plan may spare Patterson Bowling Center, the nation's oldest continually operating duckpin alley, according to the Baltimore Sun.
Over the weekend, various news outlets reported the alley suddenly closed. Its owner told employees the building on Eastern Avenue near Patterson Park was being sold to a developer to build a 15-unit apartment building.
On Tuesday morning, according to the newspaper, the bowling alley's owner told employees the developer is working on plans to allow six of the building's 12 lanes to remain open as part of the apartment project.
