BALTIMORE-Pad sites ground leased to McDonald's, M&T Bank and Panda Express at the Centre at Golden Ring have sold to a LLC for $4.5 million. The buyer was represented by Peter Snell in Marcus & Millichap Real Estate Investment Services’ Washington, DC office. Michael Shover, Matthew Gorman and Tom Gorman, in the firm’s Philadelphia office, represented the seller, a private investor.
The buyer assumed the current mortgage, which was the main reason it took several weeks to close, Spencer Yablon, regional manager of the firm’s Philadelphia office, tells GlobeSt.com. “We have seen the market heat up for high-quality investment grade properties and this is a strong center for retail,” he says. “There was no shortage of interest in these assets.” The lender was a conduit and, in general, he says, it always takes longer for debt to be assumed in a securitized deal, compared to a local or regional bank.
McDonald's, M&T and Panda are located at 6419 Petrie Way. The property is one parcel with three ground leases. Each tenant has eight to 12 years remaining on their initial lease and each has a rent increase occurring in the next three years.
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