HILLCREST HEIGHTS, MD—Pikesville, MD-based America'sRealty has acquired Iverson Mall here for$27 million or $43 per squarefoot.


The plan, not surprisingly considering CEO CarlVerstandig's track record in value-add repositioning, isto redevelop the property and bring on board national tenants,according to Marc Tropp of EasternUnion's Maryland office. Tropp helped secure funding forthe transaction, arranging the 4.4%, seven-year acquisition loanwith a regional balance sheet lender. Eastern Union also brought inan equity partner – a repeat client of Eastern Union – which kickedin $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 potentialupside.


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

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