Baltimore Retail Center Trades for $16M
- May 21, 2019
After recently purchasing an 87,250-square-foot shopping center in Spring Hill, Fla., Continental Realty Corp. has acquired Governors Commons, a 129,242-square-foot retail asset in Glen Burnie, Md., for $16.2 million. The seller was Urban Edge Properties, according to Anne Arundel County Assessor data. The new owner financed the acquisition through an undisclosed loan.
Situated at 7311 Ritchie Highway, close to Interstate 97 and Arundel Expressway and less than 14 miles of downtown Baltimore, the Gavigan’s Furniture-anchored asset was fully leased at the time of the sale. The tenant roster also includes Pep Boys, Sake Japanese Steakhouse, Goodwill Industries and Dollar Tree, with PNC Bank and Bubba’s 33 restaurant occupying separate pad sites at the 21.8-acre property. More than 25,000 vehicles pass the retail center every day and within a 3-mile radius, there are almost 85,000 residents with an average household income of nearly $80,000.
Newmark Knight Frank Vice Chairman Geoffrey Millerd, Managing Director Mathew Adler and Financial Analyst/ Associate Chris Huesgen brokered the sale. Additionally, Vice Chairman Joe Donato arranged acquisition financing.