Inland Buys Owings Mills’ New Town Village Center for $31.7M
- May 26, 2015
An Illinois-based investor has purchased the New Town Village Center in Owings Mills. The property changed hands just months after it was placed on the market.
Inland Real Estate Group, Inc. is the shopping center’s new owner. It paid $31.68 million, or $269 per square foot, to buy the property from Black Oak Associates, LLC. The former owner purchased New Town Village in 2012, for $22.5 million. At that time, the shopping center was only 94 percent leased. Black Oak upgraded the property and managed to reduce vacancy. It also renewed the leases of 28 percent of the current tenants.
In February, Black Oak hired the Greysteel Company’s Mid-Atlantic retail investment sales team to sell New Town Village. The team was led by Gil Neuman, the company’s managing director. In a news release, Neuman said that the shopping center ”drew interest from across the country.”
New Town Village was constructed in 1996, at 9700-9780 Groffs Mill Drive. It is a 117,593-square-foot community shopping center, anchored by a Giant Food. According to Greysteel, the property was 98% leased at the time of the sale, to twenty tenants. These include Starbucks, Hair Cuttery, M&T Bank, Merritt Athletic and Ledo Pizza.
Photo credit: Black Oak Associates