A Baltimore-based commercial property manager bought the Arundel Village Plaza Shopping Center in Brooklyn Park for $6.5 million last month.
Baltimore-based Oak Tree Management was one of 12 bids for the 5501-5517 Ritchie Highway site, according to Gil Neuman of Greysteel Company, which represented the seller on the deal. The sale, announced Monday, closed Jan. 31, he said.
The Anne Arundel County plaza is close to one of Oak Tree’s other properties, Neuman said.
“They figured there could be synergy between the two in terms of leasing and management,” he said, adding that the buyers, identified as Arundel Village LLC in records, could also make money by increasing occupancy.
The roughly 54,500-square foot center has 11 tenants and an 88 percent occupancy rate.
The sellers, Baltimore-based BTR Capital Group, acquired the 1985 strip mall in 2006, as part of a larger portfolio, Neuman said.
BTR Capital renovated the roofs and updated the parking lot and in 2012, the company also signed the State of Maryland's Department of Health and Mental Hygiene to two long-term leases, totaling about 11,200 square feet, he said. Those spots were empty for about a year.