Arundel Village Plaza Shopping Center Sold for $6.5M
- Feb 17, 2014
An Anne Arundel county shopping center changed hands recently when BTR Capital Group sold the Arundel Village Plaza Shopping Center to Oak Tree Management for $6.5 million. The Greysteel Company, a real estate investment services firm based in Washington D.C., served as exclusive advisor and agent.
The Arundel Village Plaza Shopping Center is located at 5501-5517 Ritchie Highway/Route 2 in Brooklyn Park, just minutes from the Port of Baltimore. It offers 54,480 square feet of retail space. Greysteel said in a press statement that the shopping center was 88 percent leased to 11 tenants at the time of the sale. The tenant roster includes Taco Bell/Long John Silver’s, Domino’s Pizza, Valvoline Instant Oil Change and the State of Maryland Department of Health & Mental Hygiene. According to Greysteel, there are 82,000 residents within a three mile radius of the shopping center, and approximately 204,000 residents within a five mile radius.
Gil Neuman, managing director of the Greysteel Company’s mid-Atlantic retail investment sales division, represented the seller and procured the buyer.
CBRE reports that the Baltimore retail market performed well throughout the fourth quarter of 2013 despite the 16-day government shutdown. The federal government’s two-year budget deal is expected to bring stability to the region, and, as the area’s job market strengthens, so will consumer confidence.
The Baltimore area’s overall retail vacancy rate increased over the quarter to 6.5 percent, but so did the overall rental rate. In Q4 2013, the average rent reached $21.48 per square foot.Photo credits: Google Maps Charts courtesy of CBRE.