Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), today announced that it has closed the sale of Mount Clare Junction, a 234,036-square-foot grocery-anchored shopping center in the Mount Clare community of Baltimore City, Maryland.
IPA marketed and transacted the property on behalf of the Seller, an unidentified global investment management firm based in New York to an affiliate of Carlyle Development Group, a private real estate equity firm based in Purchase, NY. The IPA Retail Team representing the Seller was led by Director Christopher Burnham, Senior Managing Director Dean Zang, and Director, David Crotts.
Mount Clare Junction is situated on a large 15.71-acre parcel and is located just over one mile from the Baltimore CBD and Inner Harbor. The site is in close proximity to the University of Maryland Baltimore Campus (UMB), UMB Medical Campus and the growing UMB BioPark. La Cité Development’s Center/West project,a 33 acre, 3.2 million square foot, $800 million mixed-use project is also nearby in the Poppleton neighborhood of Baltimore City. Although the area has had its fair share of challenges, there is a lot of positive momentum in this part of the City.
Mount Clare Junction is positioned between two rapidly developing neighborhoods, Pig Town and Hollins Market. With numerous new development and redevelopment projects going on in this section of the City, the new owner hopes to be a part of the positive change. “Mount Clare Junction is a challenging asset but located in a fast gentrifying neighborhood of Baltimore City. We look forward to working with all community leaders and stakeholders to participate in, and expedite, the redevelopment of this great neighborhood. We believe Mount Clare Junction could play a major pivotal role” said Abdi Mahamedi, President of Carlyle Development Group.
Mount Clare Junction is 82% occupied and anchored by Price Rite, Family Dollar and Capital One. The property was offered to the market in early November 2019, and a sale was executed after an expeditious process only 77 days after the marketing commencement.
“Mount Clare Junction was a unique and challenging sale due to various moving pieces, overall location within the City and the significant office component. Despite this, the offering generated local, regional and national interest and further proves that Baltimore is on investors radar”, noted Burnham. “We are grateful for teamwork in closing this sale so quickly. Our client, the Buyer and DLC Management Corporation, the management company, worked diligently to close the sale only 8 days after execution of the purchase agreement,” Zang added.
Mount Clare Junction was the third shopping center closed by the IPA Team in January 2020.
About Marcus & Millichap’s Institutional Property Advisors (NYSE: MMI)
Marcus & Millichap’s Institutional Property Advisors (IPA) division is one of the country’s leading providers of institutional-quality investment services, including portfolio and property-level analysis, capital market solutions, research, acquisition sourcing and property sales. The IPA platform is designed to support the needs of institutional and major private commercial property investors by combining the customized client services of a boutique brokerage firm with the broad resources and market coverage of Marcus & Millichap Real Estate Investment Services.
Our leading market position in the private capital segment since 1971 enables us to connect private investors with larger, institutional quality assets, creating access to the broadest selection of qualified buyers in the market place.To learn more, please visit: https://www.institutionalpropertyadvisors.com/
