BALTIMORE—The Shops at Federal Hill, a 5,750-square foot retail property located in Baltimore's historic Federal Hill neighborhood, has traded for $442 per square foot, or $2.54 million.

Greysteel Co.'s Mid-Atlantic retail team represented the seller 28 Walker Development, and procured the buyer, Federal Hill Shops LLC.

The property is fully occupied by Unleashed by Petco and Dunkin' Donuts in long-term leases.

The pricing of the property was established by a combination of the two long-term national tenant credits and the current high-demand low-supply environment, Gil Neuman, Greysteel Managing Director, says in a prepared statement.

The property is located close to the Baltimore Convention Center. In addition there is significant redevelopment underway in the neighborhood. 1111 Light Street is across the street -- a recently delivered mixed-use project with 93 residential units and 24,000 square feet of commercial space. Riverside Wharf, a 90% pre-leased medical office building anchored by Walgreens, is close by and the recently announced Stadium Square, which is also close by, will include 300,000 square feet of office space, hundreds of residential units, and ground floor retail.

For its part, 28 Walker Development is redeveloping the former Phillips Seafood site into McHenry Row II with planned 185,000 square feet of office, ground floor retail and 600 new apartment units.