Baltimore Retail Center Near Johns Hopkins Hospital Trades for $7M
By Keith Loria November 21, 2022 2:02 pm
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A private local investor has acquired Church Square Shopping Center, a 44,252-square-foot, fully occupied retail center in Baltimore, for $6.5 million.
The sellers were a joint venture between Burley Church and Pinefield South-Kodiak, which acquired the property in 2015 for an undisclosed sum. At that time, the center was anchored by Save A Lot, which vacated in 2020, allowing the owners to divide the space for two junior anchors — Dollar General Plus and Citi Trends — which came in earlier this year.
The joint venture also completed substantial renovations and improvements on the property over the last few years, including roof work, parking lot repairs and extensive façade work.
Located at 923 North Caroline Street, the property is near Johns Hopkins Hospital. Church Square was built in 1986, and more than 14,000 vehicles pass by per day, according to KLNB, which represented the seller in the deal.
“We immediately set upon creating and executing a strategic plan that would overcome the obstacles some buyers are seeing as a result of the rise in interest rates,” Andy Stape, KLNB’s principal of retail investment sales, said. “We focused on promoting Church Square’s significant strengths, being the recent credit tenancy and seasoned tenant roster. As a result of our efforts and collaboration with the client, we quickly received numerous offers, eventually selecting a private local investor.”
Other notable tenants at the center include lifestyle retailer DTLR, and Hip Hop Fish & Chicken, with a seven-plus year weighted lease average remaining for all occupants.
“As evident by the quick lease-up at Church Square, and credit tenant interest, Baltimore continues to attract tenants from a local and national level,” Chris Burnham, a KLNB principal, said. “This tenant demand and product type continues to generate interest from local, regional and national buyers on a sales process which was demonstrated firsthand in this transaction, with multiple offers from across the country.”
Joining Burnham and Stape on the deal were KLNB’s Vito Lupo and Jake Furnary.
Keith Loria can be reached at Kloria@commercialobserver.com.
