OWINGS MILLS, MD—Inland Real Estate Group, Inc. of Oak Brook, IL has purchased the Giant Foods-anchored New Town Village Center here for $31.68 million.
The seller was Black Oak Associates, according to the Greysteel Company, which arranged the sale of the 117,593-square-foot community shopping center.
“This offering drew interest from across the country,” states Greysteel managing director Gil Neuman. “The institutional buyers, Inland, rewarded the sellers for their work having stabilized the asset with a rapid cash purchase.” Neuman led Greysteel's Mid-Atlantic real estate investment team in the transaction that calculated out to $269-per-square-foot.
At the time of sale the center was 98% occupied by 20 tenants. In addition to Giant Foods, its tenant roster includes Starbucks, Hair Cuttery, M&T Bank, Merritt Athletic and Ledo Pizza.
The center serves as “town center” to a family-oriented growth population in the planned New Town designated area within Owings Mills. A total of 76,000 people with an average household income of $83,000 reside within a three-mile radius of the property and 14,000 people with an average household income of $94,000 live within one mile of the property.
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