Sales  ·  Retail

Baltimore’s Reisterstown Road Plaza Changes Hands in $48M Deal

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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.

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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.