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 30,000 square foot shopping center in the Baltimore and Washington DC suburb of Laurel, Maryland for $3 million. The Laurel Gardens shopping center is located at Sandy Spring Road and Nicholas Drive in Laurel.
In addition to the 29,000 square foot Bottom Dollar Food store, which is owned and operated by the Delhaize America subsidiary Food Lion, the center includes the 1,700 square foot Laurel Liquors store. The center is 100% leased.
According to Dixon Harvey of Black Oak,
“We see Laurel Gardens as a solid investment that compliments the Harris Teeter anchored Hastings Marketplace and Sav A Lot anchored Cumberland Marketplace centers currently in the Black Oak III portfolio. Laurel is a strong Baltimore/Washington market and we like the addition of Bottom Dollar/ Food Lion/ Delhaize to the overall Black Oak portfolio of 10 grocery anchored shopping centers.”
As with previous investments, Black Oak was attracted to this project for its long-term viability and investment potential.
The New Town acquisition marks Black Oak’s fifth in the past year and a half. The other centers recently acquired include South Cumberland Marketplace in Cumberland, Maryland, Hastings Marketplace in Manassas, Virginia, Laurel Gardens in Laurel, Maryland, and Unity Village Shoppes in Latrobe, Pennsylvania which was a debt purchase.
Baltimore County Savings Bank 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 sustainable development. The firm focuses on specialty, community and regional shopping centers located in the Mid-Atlantic region. The company’s portfolio currently totals more than one and a half million square feet.
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