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OWINGS MILLS, MD-Oekos Management has acquired Lakeside Village Shopping Center, a 60,000-sf retail site in Suburban Baltimore, for $11.8 million. Watch Omega LP sold the grocery-anchored retail property three years after having acquired it for $9.5 million.

Watch Omega was assisted by Bill Tourtellotte and Shawn Lubic of Newtown Square, PA-headquartered GMH Capital Partners. According to Baltimore County property records, the shopping center and the seven-acre site it occupies have a current assessed value of about $6.8 million. Oekos Management represented itself.

Carrying the addresses of 9201-9251 Lakeside Blvd., Lakeside Village is located minutes from Interstate 795 and the 1.2-million-sf Owings Mills Mall. The property was 95% occupied at the time of the transaction, featuring a Food Lion as its anchor. "The property is located in a high-density, high-growth residential housing area with substantial growth and an average income exceeding $81,000 per year," GMH's Tourtellotte says. "Within a one-mile radius of the Lakeside Village, the number of households has grown by 420% between 1990 and 2004, providing for excellent long-term prospects for the asset."