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Jul. 12, 2013

Garrison Investment Group Acquires Towson Commons

By Adrian Maties, Associate Editor

Towson Commons has a new owner. New York-based Garrison Investment Group has purchased the 401,775 square foot mixed-use complex; the acquisition came after two recent major leases on the property. The price of the transaction was not announced.

The sale was arranged by Cassidy Turley, a leading U.S. commercial real estate services provider. Jonathan M. Carpenter and James S. Wellschlager of Cassidy Turley’s Capital Markets Group represented the seller, Towson Commons HH LLC/Capmark REO Holdings LLC.

Towson Commons is located at 1 West Pennsylvania Avenue and 40 West Chesapeake Avenue in Towson, MD. The former owner, Capmark Financial Inc., acquired the property at a foreclosure sale in early 2011, paying $28.5 million for it.

Towson Commons includes office, retail and a contiguous 887-space covered parking garage. Recently, General Dynamics Information Technology (GDIT) renewed its lease and expanded, taking over 146,000 square feet within the office portion of the complex. And a few months ago, L.A. Fitness announced it will open a 48,000-square-foot club at the end of this year in the former eight-screen movie theater that anchored the complex. According to Cassidy Turley, the property is 70.01 percent leased

“The sale of Towson Commons will trigger a major investment in the retail component of the property, which has been sitting idle in the heart of downtown Towson for a number of years,” commented Jonathan M. Carpenter, managing director and principal at Cassidy Turley. “This rare, mixed-use value creation opportunity in the Towson urban core, combined with the stability of existing tenants like GDIT and LA Fitness, attracted 16 competitive offers from highly qualified investor groups.”

Photo credits: Google Maps

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