Located at 5748 Baltimore National Pike in the Catonsville submarket, Westview's tenants include Sam's Club, Lowe's Home Improvement and Value City. Value City has been a longstanding occupant in the mall, ever since it was originally constructed in the late 1950s. In 2003, Westview--then an indoor facility--was completely rehabbed.
Wharton Realty plans to add value to its new acquisition by repositioning a dark theater and vacant pad site that are currently part of the center, now 93% occupied.
The mall has a 35,000-sf former vacant movie theater, Massry explains. "We are confident we will be able to put a national tenant there," he says. Of course, this will require a redevelopment of the theater, and a possible relocation of some of the tenants while construction is under way. "We are still analyzing that," Massry says, estimating that the redevelopment costs will come in at $1.2 million. Asking rate for the space, which will depend on the renovations, is likely to be $15 per sf, he adds.
The mall also has a vacant 5,000-sf pad site that the company plans to lease out as well. This acquisition reintroduces the company to the Baltimore market. Currently Wharton Realty has no other holdings in the immediate area, Massry says. "It is a great market for retail."
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