230,000-Square-Foot Grocery-Anchored Shopping Center Trades Near Baltimore
GLEN BURNIE, Md., Feb. 15, 2017– Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Cromwell Field Shopping Center, a 233,486-square-foot retail property located in Glen Burnie, Maryland, according to Bryn D. Merrey, senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices. The grocery-anchored asset sold for $18,425,000, which represents $79 per square foot.
“In taking advantage of the company platform and concentrating the marketing on the property’s most profitable elements, we were able to avoid potential difficulties with this transaction,” said IPA senior director Dean Zang.
Zang and Christopher Burnham, associate, in the firm’s D.C. and Baltimore offices respectively, had the exclusive listing to market the property on behalf of the seller, an affiliated partnership of Klein Enterprises, which developed the property in 1986. The shopping center is subject to a land lease with the private entity, who controlled several significant parcels in the area. The purchaser is an affiliate of Broad Street Realty based in Bethesda, Maryland. The Broad Street acquisition team was led by Tim McCann, Alex Staneski and Alex Topchy. The new ownership plans to improve the center with modern signage, enhanced landscaping and other cosmetic enhancements.
“The third-party land lease and vintage construction of Cromwell Field Shopping Center made this a challenging assignment for our team,” explained Zang. “We were able to build a good story considering the transit-oriented location is opposite Cromwell/Glen Burnie Light Rail Station with easy access off I-97, and strong Giant Food sales. I am proud that our team worked so hard and was able to yield multiple competitive offers for this value-add opportunity.”
Cromwell Field Shopping Center is located at the intersection of Baltimore Annapolis Blvd. and 8th Avenue in Glen Burnie, Maryland. Tenants include Giant Foods, Roses Discount Store, BB&T, Dollar General, McDonalds, House of Tropicals, and Dunkin Donuts. The property was 88 percent occupied at the time of sale.