It is Katz's first acquisition south of New York City, partner Daniel Katz tells GlobeSt.com--and its first with Klein Enterprises, which is based in Baltimore. The two companies are planning to make more investments along similar criteria--that is, grocery-anchored shopping centers in the DC area and outer lying suburbs. "Ideally we would like to invest between $50 million to $100 million over the next three years," Katz says.
Grocery-anchored strip malls and shopping centers are performing better than retail in general; the category also happens to be Katz's and Klein's sweet spot. The Burwood Village is a 105,000-square-foot shopping center built in 1975, then renovated and expanded in 2004. Situated on 17.4 acres, it's anchored by a 37,665-square-foot Food Lion, plus 16 other tenants, including CVS, Dollar General, Dunkin Donuts, and Nationwide Insurance. Burwood is located at 7061-7095 Baltimore Annapolis Blvd. between Interstates 695 and 97.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
