Baltimore’s Reisterstown Road Plaza Changes Hands in $48M Deal
By Keith Loria November 8, 2023 4:25 pm
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Tide Realty Capital has acquired Reisterstown Road Plaza, a 742,573-square-foot shopping center in Baltimore, for $48.3 million.
Kite Realty (KRG) was the seller, having acquired the property via a merger with Retail Properties of America in 2021.
Located at 6500 Reisterstown Road in Northwest Baltimore, the property was originally built as an outdoor shopping center in 1962 and converted to an indoor mall in 1991, with a 125,000-square-foot expansion. Retail Properties of America did its own renovation on the property in 2017.
Current tenants include a Giant supermarket, national discount chains Five Below, Marshalls, Shoppers World and Big Lots, as well as Petco and Home Depot.
“The KRG team continues to leverage our high-quality and diverse portfolio to drive exceptional operating results, evidenced by strong leasing volumes, double-digit blended cash leasing spreads, and higher fixed rent bumps,” John A. Kite, the company’s chairman and CEO, said during its third-quarter earnings call in late October. “Our sustained outperformance is a testament to our premier portfolio, efficient operating platform, best-in-class balance sheet, and our team’s relentless intensity.”
Tide Realty Capital is a Baltimore-based real estate advisory firm with a portfolio that includes Metro Square, a 71,000-square-foot retail center in Owing Mills, Md.
Newmark (NMRK)’s Mat Adler represented the seller in the deal and was the lone broker involved.
Keith Loria can be reached at Kloria@commercialobserver.com.
