Cockeysville Shopping Center Changes Hands
- Sep 03, 2015
Cockeysville’s Church Lane Shopping Center is now under new ownership. The retail asset and the GJK Plaza recently sold together for a total of $19 million or $195.26 per square foot.
Marcus & Millichap announced the sale on Monday, August 31. Chris Burnham and Nathan Pealer, both of Marcus & Millichap’s National Retail Group, listed the property on behalf of the seller, a family partnership which had owned the 97,308-square-foot neighborhood shopping center for over 35 years. The duo also procured the buyer, an unnamed private local investor.
Completed in 1981 and located at 9946 York Road, the Church Lane Shopping Center offers 24 occupied retail units that also include the GJK Plaza. The shopping center’s tenant roster includes a number of national and local retailers, including Party City, JoAnn Fabrics, Tuesday Morning, Sleepy’s and Meineke.
According to Marcus & Millichap, the Church Lane Shopping Center received 10 offers from interested buyers while on the market.
“The pent-up demand for multi-tenant retail within the Baltimore County submarket allowed us to generate significant interest for Church Lane Shopping Center,” Chris Burnham said in a statement. “In a rare opportunity to purchase a large parcel in the highly sought after York Road corridor, the competition was serious and ultimately allowed us to push value for our clients.”
Marcus & Millichap also said that the new owners intends to hold on to the property for the long term.
Photo credit: KLNB Retail