Situated on 9.6 acres, Metro Square is nine years old and anchored by Shoppers Food Warehouse. Additional retailers include Dry Clean Centre and Mattress Warehouse. The center's location in the Baltimore-Washington Corridor--Reisterstown Road is a major north-south transportation hub--whetted the appetite for the asset, Neuman says. The volume of investment retail sales in this market is down 70% to 80%, compared to last year, he continues, "so obviously we are very pleased to have successfully closed this transaction." There was assumable financing in place, he says, "that wasn't necessarily the most attractive or high leverage debt out there. Also, the buyer is an institutional investor that does not have to rely solely on financing to make an acquisition."

Retail is perhaps the hardest hit real estate asset right now as it is impacted both by credit market issues and a slowdown in consumer spending. Indeed in a recent a roundtable discussion sponsored by Incisive Media and Sperry Van Ness, Leo Ullman, chairman and president of Cedar Shopping Centers, said he expects consumer spending will remain low-key for the next two years. Ullman, though, went on to note that the supermarket sector, which anchors many of his company's 120 properties, is performing strongly.