Institutional Property Advisors Closes Retail Center Sale in Suburban Baltimore
February 02, 2025
GLEN BURNIE, Md., Feb. 3, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale and financing of Governor’s Commons, a 65,342-square-foot community retail center in Glen Burnie, Maryland. The asset sold for $9.5 million.
Dean Zang, IPA senior director, and David Crotts, IPA director, represented the seller, Continental Realty Corp. of Baltimore, Maryland (CRC). Jared Cassidy, senior director with Marcus & Millichap Capital Corporation, focused on capital markets financing solutions, secured a four-year loan with a local credit union at 6.86% interest with 25-year amortization.
“The recent disposition follows three previous sales that included the neighboring Gavigan’s Furniture, Bubba’s 33, and PNC Bank, resulting in a total gross sales price of $20.35 million,” said Zang. “CRC acquired the center in 2019 for $16.2 million from Urban Edge and wisely parcelized the multi-tenanted property from the other three buildings to maximize its overall value. The fully occupied center has a high credit profile with national chains such as Dollar Tree, Goodwill, and Pep Boys representing 76% of revenue. The purchasers of the other three single-tenant buildings have different investment goals and yield expectations.”
The shopping center is located along the region’s main retail thoroughfare, Governor Ritchie Highway. The route provides exposure to over 22,600 vehicles each day, plus approximately 11,000 vehicles per day (VPD) along its parallel route, Crain Highway, and over 44,000 VPD along Arundel Expressway.
Dean Zang, IPA senior director, and David Crotts, IPA director, represented the seller, Continental Realty Corp. of Baltimore, Maryland (CRC). Jared Cassidy, senior director with Marcus & Millichap Capital Corporation, focused on capital markets financing solutions, secured a four-year loan with a local credit union at 6.86% interest with 25-year amortization.
“The recent disposition follows three previous sales that included the neighboring Gavigan’s Furniture, Bubba’s 33, and PNC Bank, resulting in a total gross sales price of $20.35 million,” said Zang. “CRC acquired the center in 2019 for $16.2 million from Urban Edge and wisely parcelized the multi-tenanted property from the other three buildings to maximize its overall value. The fully occupied center has a high credit profile with national chains such as Dollar Tree, Goodwill, and Pep Boys representing 76% of revenue. The purchasers of the other three single-tenant buildings have different investment goals and yield expectations.”
The shopping center is located along the region’s main retail thoroughfare, Governor Ritchie Highway. The route provides exposure to over 22,600 vehicles each day, plus approximately 11,000 vehicles per day (VPD) along its parallel route, Crain Highway, and over 44,000 VPD along Arundel Expressway.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.