BEL AIR, MD—A source tells GlobeSt.com that the Festival at Bel Air, a 437,227-square foot retail center here is trading for $113 million, or $258 per square foot, and a 6% cap rate.
Crow Holdings is the buyer, the source tells us.
The seller is JBG Rosenfeld and the deal is being brokered by CBRE. JBG Rosenfeld still has a link to the retail site on its website. The center appears to be largely leased, according to the JBG Rosenfeld website, with only 844 to 4,260 square feet of retail space available.
Tenants at the shopping center include Kohl's Department Store, Klein's Super Thrift, Marshalls, Chesapeake Home Furnishings and Kitchens Plus.
The last time the property traded was in December 2001 for $52.5 million.
Crow Holdings is a privately-held firm based in Dallas, Texas. It makes real estate investments on behalf of Trammell Crow.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.