Fully Occupied Baltimore Shopping Center Changes Hands
- Jul 03, 2020
Marcus & Millichap has brokered the sale of Cold Spring Shopping Center, a 22,000-square-foot property in Baltimore. The firm’s Christopher Burnham and Dean Zang acted on behalf of seller Schwaber Holdings and procured the buyer, Liberty Group Holdings. Fully occupied at the time of sale, the retail asset traded in a 1031 exchange, as per Schwaber’s strategy to upgrade and reposition its commercial portfolio.
The Family Dollar-anchored asset is at 1401-1415 E. Cold Spring Lane, within walking distance of Morgan State University. Milton Schwaber developed Cold Spring in the early 1950s as one of the first strip centers in Baltimore City. Schwaber Holdings redeveloped the property in 2014. The shopping center is some 5 miles northeast of downtown Baltimore, surrounded by dense residential areas such as Hillen, Original Northwood and New Northwood.
In February, Marcus & Millichap’s Institutional Property Advisors arranged the $20 million sale of a 234,036-square-foot, grocery-anchored retail center located between Baltimore’s Pig Town and Hollins Market neighborhoods. Burnham, Zang and David Crotts led the team representing the seller.