OWINGS MILLS, MD-Locally-based Black OakAssociates has made its fifth CRE acquisition in the past18 months: a 117,000-square-foot grocery anchored shopping centerfor $22.5 million. Located here, the Giant-anchored New TownVillage is more than 94% leased to such tenants as Merritt AthleticClub, Starbucks and M&T Bank. Rockville Bank in South Windsor,CT, provided the financing. Black Oak has tapped KeithBarnett at KLNB Retail to manageleasing.

This acquisition is the firm’s fifth in the past year and ahalf. Many of its other buys have been in nearby markets, such asCumberland and Laurel, MD, and Manassas, VA. It also made a debtpurchase in Latrobe, PA. New Town Village, though, could be calleda hyperlocal deal for Black Oak—it is approximately a few minutesaway from the office.

Grocery-anchored retail is a staple among retail investors inmost markets, including the Mid-Atlantic, although figures fromDelta Associates show sales may be flagging a bithere. For the first four months of the year, there were four majortransactions in the local area, for a total of $376 million. In thesame period for 2011, $454 million in deals transacted. One notablerecent deal Delta pointed to was the acquisition ofWestgate Plaza in Prince WilliamCounty for $33.8 million, or $207 per foot. It, too, isanchored by Giant Food.