(For more retail coverage, click GlobeSt.com/RETAIL.)
TOWSON, MD-Western Development Corp. has acquired the 324,500-sf mixed-use property known as Towson Commons. Western will spend $30 million on redeveloping the retail segment.
Acting on behalf of an institutional investor, CB Richard Ellis Investors, represented by CB Richard Ellis' Capital Markets Institutional Group, sold the office and retail destination. The parties involved are not releasing the financial terms of the transaction.
Developed in 1992 Towson Commons is located at the intersection of York Road and W. Pennsylvania Avenue. Goucher College and the one-million-sf Towson Town Center shopping mall sit within blocks of the property. The office segment of Towson Commons accounts for 221,200 sf of space, with Wed MD affiliate ViPS serving as the lead tenant. The retail portion offers about 103,300 sf, part of which is home to anchor tenant AMC Theaters. Other occupants include State Farm Insurance, United Equity and Ruby Tuesday. An eight-level parking facility to accommodate 950 vehicles is also part of the property.
Jones Lang LaSalle, which had been handling the leasing and management of Towson Commons and will continue to do so under the new ownership, markets the property's space for as much as $24 per sf. Renovation of the retail segment is scheduled to get under way next year and will wrap up in 2008.
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