X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

OWINGS MILLS, MD-Oekos Management has acquired Lakeside Village Shopping Center, a 60,000-sf retail site in Suburban Baltimore, for $11.8 million. Watch Omega LP sold the grocery-anchored retail property three years after having acquired it for $9.5 million.

Watch Omega was assisted by Bill Tourtellotte and Shawn Lubic of Newtown Square, PA-headquartered GMH Capital Partners. According to Baltimore County property records, the shopping center and the seven-acre site it occupies have a current assessed value of about $6.8 million. Oekos Management represented itself.

Carrying the addresses of 9201-9251 Lakeside Blvd., Lakeside Village is located minutes from Interstate 795 and the 1.2-million-sf Owings Mills Mall. The property was 95% occupied at the time of the transaction, featuring a Food Lion as its anchor. “The property is located in a high-density, high-growth residential housing area with substantial growth and an average income exceeding $81,000 per year,” GMH’s Tourtellotte says. “Within a one-mile radius of the Lakeside Village, the number of households has grown by 420% between 1990 and 2004, providing for excellent long-term prospects for the asset.”

The high level of interest Lakeside Village commanded from investors speaks to the desirable market demographics of the Baltimore and broader Washington-Baltimore areas. “The property generated solid offers from the New York metro area, California money and strong regional players,” Tourtellotte tells GlobeSt.com. “Despite the fact that the property’s positioning within the local marketplace and the anchor tenancy were average, we still got a lot of package requests; we got about 20 strong offers, which is a really strong showing for an asset like this.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.