OWINGS MILLS, MD-Locally-based Black Oak Associates has made its fifth CRE acquisition in the past 18 months: a 117,000-square-foot grocery anchored shopping center for $22.5 million. Located here, the Giant-anchored New Town Village is more than 94% leased to such tenants as Merritt Athletic Club, Starbucks and M&T Bank. Rockville Bank in South Windsor, CT, provided the financing. Black Oak has tapped Keith Barnett at KLNB Retail to manage leasing.

This acquisition is the firm’s fifth in the past year and a half. Many of its other buys have been in nearby markets, such as Cumberland and Laurel, MD, and Manassas, VA. It also made a debt purchase in Latrobe, PA. New Town Village, though, could be called a hyperlocal deal for Black Oak—it is approximately a few minutes away from the office.

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