The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at over $2.5 billion, in a joint venture with MCB Real Estate, have announced the sale of a 43,884-square-foot, fully leased shopping center located at 901 North Caroline Street in Baltimore, Md. The retail center is anchored by a 19,386-square-foot Save-A-Lot food store. The property was sold to Kodiak Properties, LLC. and Burley Church, LLC.
Both the buyer and seller were looking to capitalize on the significant effort of the 88-acre East Baltimore Revitalization Initiative, which aims to transform East Baltimore into a more sustainable, mixed-use community over the next few years. Through this initiative, several developments have already been completed including more than 150 residential units at Ashland Commons and Park View at Ashland Terrace, located just one block from Church Square. Further plans call for 2,200 new and rehabilitated green homes and apartments, as well as two million square feet of commercial space that features a Life Sciences and Biotechnology Research Park which is in various stages of completion.
“The time was right for The Hampshire Companies and MCB real Estate to sell the fully leased asset in order to maximize our investment return,” said Igor Derbaremdiker, a Senior Investment Manager at The Hampshire Companies. “Our significant efforts to keep the shopping center fully leased enabled us to take full advantage of the minimal near-term rollover and the revitalization efforts in the immediate area. The buyer will also be able to realize the property’s stable, risk-adjusted returns, making this an ideal deal for all parties involved.”
High residential density surrounding the 2.419-acre property, coupled with its close proximity to I-83 and Johns Hopkins Medical Campus, provide high volumes of daily foot and vehicular traffic to the center. The center also has the only supermarket in a 1.5 mile radius, adding to the value of the property. In addition to the 19,386-square-feet leased to Save-A-Lot food store, the retail center boasts the following tenants:
- Downtown Locker Room
- Mack Lewis Gym
- Simply Fashion
- Hip Hop Fish & Chicken
- Accessories & More
- Great Panda
- Church Square Carry Out
- Metro PCS
- Paradise Nails
The Hampshire Companies and MCB Real Estate were represented by KLNB, LLC., in the deal. KLNB, LLC. also represented the buyer.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
About MCB Real Estate
MCB is a Baltimore-based investment platform dedicated to the execution of value-add, opportunistic (off-market) and development strategies in the commercial real estate markets. Led by an experienced team of professionals with backgrounds in acquisitions, development, private equity, structured finance, workouts, management, operations, and law, MCB selects investment opportunities in industrial, retail and Class B office sectors with a focus on east coast U.S. markets.
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