The Hutensky Group, LLC, based in Connecticut, purchased Lutherville Station Shopping Center located in Lutherville for $30.75 million from Lutherville Station Business Trust. Tenants in the 271,000-sf property include Borders, Old Navy, Loehmann's, Circuit City, and two agencies of the State of Maryland.
This is the second purchase for the firm in the Baltimore retail market in the last 15 months. It also invested in the 277,666 sf Catonsville Plaza in Catonsville, anchored by Shoppers Food Warehouse.
Vice president of acquisitions Veronique Longo tells GlobeSt.com that the company is seeking investment opportunities nationwide but actively interested in the Maryland market for further acquisitions, as well as Texas and New Jersey--other locations in which it has invested. "We are looking to invest $200 million this year in shopping centers that offer opportunity for improvement."
Another acquisition reported here is by Atlanta-based Post Properties, which has acquired a 361-luxury apartment community in Rockville, from an undisclosed seller for $85 million. Located at 102 Fallsgrove Blvd., the community will be renamed Post Fallsgrove, and is a part of the Fallsgrove Planned Unit Development (PUD) that includes 1,535 residential units, 850,000 sf of office space, 150,000 sf of high-end retail, and a 110-room Hilton Garden Inn.
Post acquired the community in a directly negotiated transaction through a Section 1031 exchange intermediary. The purchase price included estimated transaction costs and expenses and the assumption of approximately $41 million of mortgage indebtedness which carries an interest rate of 6.105% and matures in November 2011.
Post also agreed to pay additional consideration based on a share of the appreciation in the value of the property, if any, over approximately the next four years. In 2004, the company acquired Post Tysons Corner, also in a directly negotiated transaction with the same seller.
"Our strategy is to buy well-positioned, high-quality apartment communities in growing submarkets, and Post Fallsgrove fits nicely with that strategy," says David P. Stockert, CEO and president of Post. "The Washington, DC area is an important market for Post as we balance our portfolio and grow the Post brand in our strongest markets."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
