The 85%-occupied property is anchored by a 58,000-sf Safeway supermarket. Other tenants include Pep Boys, First Union Bank, Rent A Center, Subway and H&R Block. The asset is located on West Pratt Street, immediately adjacent to the Baltimore B&O Railroad Museum and within 1.5 miles of the main campus for the University of Maryland Hospital, Ravens Stadium and Camden Yards.
DLC was represented by Cohen & Co. of New York, while Newtown Square, PA's GMH Capital Partners negotiated on behalf of GE Capital. Financial details of the transaction are not being disclosed.
"We plan on some immediate capital improvements to the property," DLC senior vice president Daniel M. Taub tells GlobeSt.com. "But mostly it will revolve around retenanting the existing vacant space." Taub notes that the firm plans on holding the asset long-term. "We have no intention of selling in the immediate future," he says.
Rollover at the property is minimal over the next few years, Taub says, partly due to the recent expansion of one existing lease and renewals on two others. "There's not much rollover in 2003," he states, with few, if any leases expiring "until late 2004."
The acquisition was both a strategic move and an opportunistic buy for DLC, Taub notes. "We made a determination to build a nexus in the MidAtlantic region," he comments. "But there was opportunity as well. We do see a value-add opportunity here."
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