Institutional Property Advisors sells grocery-anchored shopping center in Baltimore City, MD
BALTIMORE CITY, MD — Institutional Property Advisors (IPA), a division of Marcus & Millichap announced that it has closed the sale of Mount Clare Junction, a 234,036 s/f grocery-anchored shopping center in the Mount Clare community of Baltimore City. IPA marketed and transacted the property on behalf of the seller, an unidentified global investment management firm based in New York to an affiliate of Carlyle Development Group, a private real estate equity firm based in Purchase, NY. The IPA retail team representing the seller was led by director Christopher Burnham, senior managing director Dean Zang, and director, David Crotts. Mount Clare Junction is situated on a large 15.71-acre parcel and is located just over one mile from the Baltimore CBD and Inner Harbor. The site is in close proximity to the University of Maryland Baltimore Campus (UMB), UMB Medical Campus and the growing UMB BioPark. La Cité Development’s Center/West project, a 33 acre, 3.2 million square foot, $800 million mixed-use project is also nearby in the Poppleton neighborhood of Baltimore City. Although the area has had its fair share of challenges, there is a lot of positive momentum in this part of the City.