LAUREL, MD—A source has told GlobeSt.com that the redeveloped Towne Centre at Laurel has found a new buyer. UBS Realty Investors LLC is buying the 387,041-square foot retail center from its owner/developer, a JV that consists of Somera Capital Management, Greenberg Gibbons and AEW Capital Partners.
Queries placed to Somera and Greenberg Gibbons by GlobeSt.com were not returned.
The source says the property is trading for $132.8 million, or $343 per square foot.
The companies redeveloped the former Laurel Mall site for about $130 million. Phase 2 of the project delivered last Fall with several retailers and a Regal Cinemas signed on as tenants. It is currently 85% occuppied. Other tenants at grocery-anchored mall include Harris Teeter, Burlington Coat, Sports Authoirity and Party City.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
