PARKVILLE, MD-Joppa-Perring retail center, located at 1917-1925 East Joppa Rd. in this submarket, has traded for $6.875 million in a 1031 exchange. The buyer is local group that had a 1031 exchange need and had been looking for a long time for the right asset, Greysteel Co.'s Managing Director Gil Neuman tells GlobeSt.com. Neuman represented the seller, Heritage Properties Inc., and found the buyer.

Savers Thrift Superstore occupies the entire 39,500-square foot main building under a long term corporate net lease. Savers is the largest for-profit thrift store chain in North America with 300 locations; Joppa-Perring serves as the chain's first Maryland location. The property also includes a Checker's Drive-In restaurant. The property plays to two hot trends at the moment, Neuman says--demand for net leased assets and demand for retail.

"This is definitely a high demand, low supply environment for both retail and net lease," he says. Also, this happens to be a phenomenal location. Often times we see net lease buyers buying a great credit but not necessarily in the most choice location."

Joppa-Perring is located on 4.11 acres just off a major I-695 Baltimore Beltway on/off-ramp. The Joppa Road - Perring Parkway intersection is trafficked by an average of 67,000 cars daily.

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Joppa-Perring Retail Center Trades in 1031 Exchange

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