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.”
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