December 2, 2011
Owings Mills, MD- Black Oak Associates, Inc., the Owings Mills, Maryland headquartered commercial real estate development and investment group, has purchased a 130,000 square foot shopping center in Cumberland, Maryland for $3.75 million. The former Ames Plaza shopping center is located at 1050 Industrial Boulevard (MD Route 51) in Allegany County.
Black Oak Associates intends to reposition the center as South Cumberland Marketplace. The center, which is approximately 70% leased, is anchored by Save A lot, Dollar General, & Western Maryland Health System. Other tenants include Fastenal, Subway and RAC Rent-A-Center.According to Dixon Harvey of Black Oak,
“The existing tenant base is strong, the Cumberland market is solid and this investment provides us with significant upside. We plan to attract complementary tenants and make it an even stronger destination for the Cumberland community.”
As with previous investments, Black Oak was attracted to this project for its long-term viability and investment potential.
Metropolitan Management Company, a partner in the project, will act as the exclusive leasing representative for the available 30,000 square feet, with Patricia Palumbo overseeing the leasing campaign.
First Peoples Community Federal Credit Union of Cumberland provided debt financing for the acquisition.
Black Oak Associates is a regional, private development company that specializes in creating retail and mixed-use projects, with an expertise in green development. The firm focuses on specialty, community and regional shopping centers located in the Mid-Atlantic region.
“We are looking for tenants that will find the location and the demographics of the surrounding market attractive and want to share in our future success."
- Patricia Palumbo
The company’s portfolio currently totals more than one and a half million square feet. For additional information, visit our Properties page.
For additional information, contact:
Dixon Harvey, Black Oak Associates, 410-205-2205
Larry Lichtenauer, LH&A, 410-363-6205