BALTIMORE, Md., Feb. 11, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Mount Clare Junction, a 234,036-square-foot grocery-anchored shopping center in the Mount Clare community of Baltimore, Maryland.
IPA marketed and sold the property on behalf of the seller, an unidentified New York-based global investment management firm. The buyer is an affiliate of Carlyle Development Group, a private real estate equity firm based in Purchase, New York. The IPA retail team representing the seller was led by Christopher Burnham, director, Dean Zang, senior managing director, and David Crotts, director. Bryn Merrey, senior vice president and division manager, is Marcus & Millichap’s broker of record in Maryland.
“Mount Clare Junction is a challenging asset located in a fast-improving neighborhood,” said Abdi Mahamedi, president of Carlyle Development Group. “We look forward to working with community leaders and stakeholders to participate in and expedite the redevelopment of this great neighborhood and we believe Mount Clare Junction could play a pivotal role in the area’s revitalization.”
Mount Clare Junction is situated on a 15.7-acre parcel just over one mile from the Baltimore central business district and Inner Harbor between two rapidly developing neighborhoods, Pig Town and Hollins Market. The site is in close proximity to the University of Maryland, Baltimore, the University of Maryland School of Medicine and the growing University of Maryland BioPark. La Cité Development’s Center\West project, a 33-acre, 3.2-million-square-foot, $800 million mixed-use project is nearby in Baltimore’s Poppleton neighborhood.
“The sale of Mount Clare Junction presented unique challenges due to its various moving pieces, location within the city and the significant office component,” noted Burnham. “Despite this, the offering generated local, regional and national interest, which proves that Baltimore is on investors’ radar. With numerous new development and redevelopment projects going on in this section of the city, the new owner hopes to be a part of positive change.” At the time of the sale, Mount Clare Junction was 82% occupied. Anchor tenants are Price Rite, Family Dollar and Capital One. The property was offered to the market in early November 2019, and the sale was executed after an expeditious process only 77 days following the commencement of marketing.
“We are grateful for the teamwork between all parties in closing this sale so quickly,” added Zang. “Our client, the buyer, and the management company, DLC Management Corp., worked diligently to close the sale only eight days after execution of the purchase agreement.” Mount Clare Junction is the third shopping center closed by the IPA retail team of Zang, Burnham and Crotts in January 2020.
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About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.