(For more retail coverage, click GlobeSt.com/RETAIL.)
CATONSVILLE, MD-National Wholesale Liquidators has signed a 10-year lease to occupy 56,309 sf at Catonsville Plaza here. The retailer approached Forman Mills, another tenant in the 277,666-sf center, to see if it would be willing to share space, Geoff Mackler, a broker with H&R Retail, tells GlobeSt.com. This approach is an unusual tactic but understandable given the low vacancy rates for retail space in this submarket, he says.
"It's a tight market right now and difficult to find space of that size," he says. Mackler estimates vacancy rates to be under 5%. Rents for space in this market can range from $8 per sf to $18 per sf, depending on how close the facility is to I-695 and the building's quality, he adds.
The shopping center is located at the intersection of Baltimore National Pike and Old Fredrick Road in Catonsville, a suburb of Baltimore.
Larry Hoffman and Scott Yurow with H&R Retail represented National Wholesale Liquidators in the transaction. The center's owner, Catonsville Plaza LLC, represented itself.
The new National Wholesale Liquidators store is slated to open in March of 2007. Other tenants include Shoppers Food Warehouse and Citi Trends.
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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.
