(For more retail coverage, click GlobeSt.com/RETAIL.)
WASHINGTON, DC-Somera Capital Management LLC will acquire the Laurel Mall here for $31 million. The site had been placed in receivership 10 months ago and a Prince George's County Circuit Court judge has just signed off on the proposed sale.
Acting on behalf of the court, Gregory Maloney of real estate services firm Jones Lang LaSalle in Atlanta orchestrated the bidding process for the 650,000-sf retail property. Santa Barbara, CA-based Somera plans to renovate the mall.
The 26-year-old shopping center is located at 14828 Baltimore Ave. on a 35-acre parcel off Route 1 and near Interstate 95, and the Baltimore Washington Parkway. Anchor JC Penney left the site two years ago and former owner Laurel Centre Associates failed to make payments on the property.
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