BALTIMORE, MD—Locally-based MCB Real Estate has acquired Eastpoint Mall, a 844,500-square foot retail center here that had been in a troubled situation.

A source tells GlobeSt.com that the retail center traded for $33.4 million approximately, or $40 per square foot, and the transaction was brokered by Jones Lang LaSalle. The retail center was constructed in 1956 and renovated in 2012. It is now currently about 84% occupied.

Its last market sale was in 2006 when it sold for $113.1 million, according to public records. Tenants in mall include JCPenney, Burlington Coat Factory, Shoppers World, Sears and Fair Value City.

It is currently listed on MCB's website as being part of its portfolio, along with 11 other retail centers in Maryland. MCB owns properties across the country, in such states as Virginia, South Carolina, North Carolina, New York, Ohio and Michigan.

It describes itself as excelling at "identifying mispriced, undervalued, and underperforming assets."

GlobeSt.com reached out to the company after hours but did not receive a call back by presstime.

Another recent transaction in the Mid-Atlantic by the company came last summer when it acquired the Promedade at Manassas in Manassas, VA from Edens via a joint venture with Acadia Realty Trust.

The joint venture was targeting value-add and opportunistic acquisition opportunities in major east coast markets.

Bill Kent and Gary Lawrence of CBRE represented the seller in that transaction.

Instant Insights /

MCB Takes Eastpoint Mall for $33.4M

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