Carlyle Development Pays $20M for Baltimore Retail Asset
- Feb 13, 2020
Carlyle Development Group has purchased Mount Clare Junction, a 234,036-square-foot grocery-anchored retail center in Baltimore. Baltimore Business Journal shows the property traded for $20 million. Fortress Investment Group was the seller, according to public records. The asset last traded in 2017 for $8.7 million.
Institutional Property Advisors negotiated the deal on behalf of the seller. Directors Christopher Burnham and David Crotts and Senior Managing Director Dean Zang led the brokerage team.
Located at 1223 W. Pratt St. on 15.7 acres, the shopping center is home to anchor tenants Price Rite, Family Dollar and Capital One, as well as the Baltimore Housing Authority and Maryland Department of Social Services. At the time of the sale, the asset was 82 percent occupied.
The retail center is situated between the Pig Town and Hollins Market neighborhoods, within 2 miles of Baltimore’s central business district and Inner Harbor and less than 3 miles from Weller Development’s 235-acre Port Covington mixed-use development.