Black Oak Associates to Sell the New Town Village Center in Owings Mills

The New Town Village Center in Owings Mills is now on the market. Black Oak Associates, LLC, the owner of the property, has retained the Greysteel Company’s Mid-Atlantic retail investment sales team as the exclusive advisor and agent of sale.

The New Town Village Center in Owings Mills is on the market. Black Oak Associates, LLC, the owner of the property, has retained the Greysteel Company’s Mid-Atlantic retail investment sales team as the exclusive advisor and agent for the sale.

The shopping center was constructed in 1996 and is located at Groffs Mill Drive and Lakeside Boulevard. It comprises 117,593 square feet of space and is anchored by Giant Food. The property is currently 98 percent occupied. Its tenant roster includes Starbucks, Hair Cuttery, M&T Bank, Merritt Athletic and Ledo Pizza, as well as other eateries and retailers.

The seller did not disclose how much it wants for the community shopping center. Black Oak Associates purchased New Town Village in 2012, for $22.5 million. At that time, the property was 94 percent leased.

Managing Director Gil Neuman will lead the Greysteel Company’s Mid-Atlantic retail investment sales team hired to sell New Town Village. In a news release, he said that, since buying the shopping center, Black Oak Associates has not only reduced vacancy, but has also renewed the leases of 28 percent of the current tenants and has also upgraded the property.

Photo credit: Black Oak Associates