Burnham and Pealer of Marcus & Millichap arrange 97,308 s/f retail shopping center sale
COCKEYSVILLE, MD — Marcus & Millichap announced the sale of Church Lane Shopping Center and GJK Plaza, a 97,308 s/f shopping center located in Cockeysville, according to Bryn Merrey, regional manager of the firm’s Washington, DC office. The two assets sold for $195.26 psf.
Chris Burnham and Nathan Pealer, both in Marcus & Millichap’s National Retail Group, had the listing to market the property on behalf of the seller, a family partnership that had owned the shopping center for over 35 years. The buyer was procured by Burnham and Pealer. The investor is planning for a long-term hold with eventual redevelopment of the shopping center to better suit the ever-growing York Rd. corridor and Baltimore County submarket of Cockeysville. Church Lane Shopping Center is located at 9946 York Rd. and combined with GJK Plaza, consists of 24 occupied total retail units. “The pent-up demand for multi-tenant retail within the Baltimore County submarket allowed us to generate significant interest for Church Lane Shopping Center,” said Burnham. “In a rare opportunity to purchase a large parcel in the highly sought after York Rd. corridor, the competition was serious and ultimately allowed us to push value for our clients.”The interest in this site is highlighted by the 10 offers the Church Lane Shopping Center received while on the market. York Rd. is a major retail destination for the dense, stable, and growing population of this section of Baltimore County. “The seller is thrilled with the process we ran and the resulting outcome, and the buyer is well-positioned to create revenue growth over the long-term,” said Pealer.YORK, PA — Marcus & Millichap announced the sale of Stonybrooke Shopping Center, a 63,955 s/f shopping center located in York. The asset sold for $3.675 million, 97% of asking price.Chris Burnham, associate, Derrick Dougherty, senior associate, and Dean Zang, senior VP investments had the listing to market the property on behalf of the seller. The property received five offers from investors and was under contract 50 days after list.“It’s rare that you can buy a grocery anchored shopping center at this price point with a true value add component. We had hard money at the execution of the Purchase and Sale Agreement which speaks to the interest in the market” said Dougherty.Stonybrooke Shopping Center, situated on 10.42 acres, is located at 3609 E. Market St. The Food Lion-anchored shopping plaza includes three buildings, two of which are out-parcels. Food Lion recently invested $2 million into renovations. nThe East Market street corridor, where the shopping center is located, is considered one of York County’s strongest retail destinations with over 24,000 vehicles that pass through the area every day. Population in the area has grown over 13% since 2000 and subsequent development has followed in the form of a Holiday Inn Express & Suites, a senior living facility, and a recent school among others. Stonybrooke Shopping Center, specifically, benefits from its location only 1.3 miles from Route 30, which serves as the major connector between Harrisburg, Pennsylvania, and Baltimore, Maryland.