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154,611-SF Retail Trades in Suburban MD

GLEN BURNIE, MD-The buyer is being chosen out of a crowd of more than a dozen candidates because of his 1031 requirement.

By Erika Morphy | Updated on March 21, 2008

GLEN BURNIE, MD-A retail trade here has closed with assumable debt that is reminiscent of happier credit market days. The building, called Ordnance Plaza, is a 154,611-sf center, shadow-anchored by a 122,711-sf Costco store and a 121,200-sf Home Depot store. The seller was an affiliate of Cohen Commercial Properties; the buyer, a private New York City investor. Helen Putterman, president of CCIRE and Vera Thomas, senior managing director, represented the seller and brought in the buyer as well.

“The center’s tenancy, location and assumable debt made it a very attractive purchase,” says Putterman. Specifically, she continues, the ability to close with 15% equity and a mortgage in place for nine years at a fixed rate created a high cash on cash return that enabled the seller to entertain a high number of competitive offers and the buyer to capture an exceptional return on his equity.

“There were numerous buyers who saw great value in owning Ordnance Plaza,” Thomas says. “The buyer was chosen amongst over a dozen candidates because of his 1031 requirement.”

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