HILLCREST HEIGHTS, MD—Pikesville, MD-based America's Realty has acquired Iverson Mall here for $27 million or $43 per square foot.

The plan, not surprisingly considering CEO Carl Verstandig's track record in value-add repositioning, is to redevelop the property and bring on board national tenants, according to Marc Tropp of Eastern Union's Maryland office. Tropp helped secure funding for the transaction, arranging the 4.4%, seven-year acquisition loan with a regional balance sheet lender. Eastern Union also brought in an equity partner – a repeat client of Eastern Union – which kicked in $9 million on top of the loan amount.

America's Realty, now 30 years in operation, started as a small, family-owned operation. Today it owns more than 220 retail centers, many of which were acquired with an eye on the potential upside.

As one example, last year it acquired an 800,000-square-foot strip mall on 61 acres in suburban Cleveland in a bankruptcy sale for $14 million, or $17.50 per square foot, far lower than the original mortgage note – and that the lender tried to block because it was so low, according to a report in Baltimore Business Journal at the time.