(For more retail coverage, click GlobeSt.com/RETAIL.)

OWINGS MILLS, MD-Oekos Management has acquired Lakeside Village Shopping Center, a 60,000-sf retail site in Suburban Baltimore, for $11.8 million. Watch Omega LP sold the grocery-anchored retail property three years after having acquired it for $9.5 million.

Watch Omega was assisted by Bill Tourtellotte and Shawn Lubic of Newtown Square, PA-headquartered GMH Capital Partners. According to Baltimore County property records, the shopping center and the seven-acre site it occupies have a current assessed value of about $6.8 million. Oekos Management represented itself.

Carrying the addresses of 9201-9251 Lakeside Blvd., Lakeside Village is located minutes from Interstate 795 and the 1.2-million-sf Owings Mills Mall. The property was 95% occupied at the time of the transaction, featuring a Food Lion as its anchor. "The property is located in a high-density, high-growth residential housing area with substantial growth and an average income exceeding $81,000 per year," GMH's Tourtellotte says. "Within a one-mile radius of the Lakeside Village, the number of households has grown by 420% between 1990 and 2004, providing for excellent long-term prospects for the asset."

The high level of interest Lakeside Village commanded from investors speaks to the desirable market demographics of the Baltimore and broader Washington-Baltimore areas. "The property generated solid offers from the New York metro area, California money and strong regional players," Tourtellotte tells GlobeSt.com. "Despite the fact that the property's positioning within the local marketplace and the anchor tenancy were average, we still got a lot of package requests; we got about 20 strong offers, which is a really strong showing for an asset like this."

Instant Insights /

GlobeSt.com EXCLUSIVE: 60,000-SF Retail Center Sells for $200 Per SF

Related Stories

Recommended For You