Another Day, Another Retail Transaction in Baltimore Area
- Sep 11, 2015
Another Baltimore-area shopping center has traded hands in recent weeks. After the $19 million sale of Cockeysville’s Church Lane Shopping Center, the Parkway Crossing shopping center in Parkville has also seen a change in ownership.
MCBH Parkway Crossing LLC, a joint venture between Baltimore’s MCB Real Estate and HUH US Real Estate Income REIT Inc., purchased the shopping center for $27.2 million, according to the Baltimore Business Journal. Michael Gorsage and Kate Howarth of H&R Retail brokered the deal, which closed on July 31.
For MCB Real Estate, this is the second time it takes part in the acquisition of the shopping center. The Baltimore-based commercial real estate investment firm also teamed up with White Plains, N.Y.-based Acadia Realty Trust to buy the property in 2011. According to PropertyShark, the two partners paid $20.25 million for Parkway Crossing. The same real estate website indicates that the shopping center’s current market value is a little over $14.1 million.
Parkway Crossing was constructed in the 1960′s at 2331 Cleanleigh Drive. The property was last renovated in 1996, and is currently 98 percent leased and anchored by retailers such as Big Lots, ShopRite and Home Depot.