Paragon Outlets to Build 568,000-SF Center in Baltimore

BALTIMORE—Paragon Outlet Partners is planning to develop a 568,000-square foot open-air outlet shopping center in White Marsh, having acquired about 50 acres of land from Corporate Office Properties Trust recently. KLNB Retail Principal Phil Ruxton represented Paragon Outlet Partners in this transaction.

The outlet will be developed over two phases.

Paragon Outlets Baltimore will be located at the intersection of Interstate 95 and MD Route 43, featuring feature more than 125 retailers.

Phase I of Paragon Outlets Baltimore will contain approximately 425,000 square feet of retail space, with the follow-up phase containing nearly 143,000 square feet of space.

"Our team identified this site based on its outstanding visibility from Interstate 95, in-place infrastructure and existence of a mature demographic based within the immediate area," said Bob Brvenik, principal of Paragon Outlet Partners. "The region lacks an upscale outlet shopping option, and we continue to see extremely strong tenant demand for this product category."

Since 2012, Paragon Outlet Partners has opened three upscale outlet-style shopping centers in the US totaling more than 1.4 million square feet of space. Its projects include a 400,000-square foot project in Eagan, MN; a 400,000-square foot project in Grand Prairie, Texas; and a 130-store, 540,000-square foot center in Livermore, CA. Outlet malls, in general, are one of the few large-scale retail projects that are getting built now; meanwhile, old-school enclosed shopping centers are seen as obsolete requiring renovation if they are to remain open.

Exhibit A is Paragon, which has a number of projects in its pipeline besides Baltimore: it is in the process of developing outlet shopping centers outside of Detroit, Michigan and Houston, Texas.