The Savers thrift store property on East Joppa Road in Parkville sold Wednesday to a regional investment firm for $6.875 million, an agent involved in the transaction said.
The 39,500-square foot Savers superstore on the Joppa-Perring retail parcel opened in March. The property previously hosted a Giant, which closed in 2007. The site also has a Checkers Drive-In restaurant.
The 1917-1925 E. Joppa Road property last sold in 2008 for $6.8 million, according to state records.
Greysteel Company Managing Director Gil Neuman, who represented seller Heritage Properties Inc. of Towson, said the firm wanted to free up capital for other projects.
"They added the value here and figured the market is as good as its going to be," he said.
The new owner is Joppa Mart LLC, which was established by a retail-focused Baltimore-region investment firm, Neuman said. He declined to provide further details.
Savers has a 10-year lease and will remain at the location, located on busy Joppa Road close to a Interstate 695 Baltimore Beltway exit, Neuman said. About 67,000 cars pass the site daily, according to Greysteel's announcement of the sale.
"It's a very very, unique location. It's one of the highest-trafficked locations in Baltimore County and that helped drive this transaction," Neuman said.
Copyright © 2014, The Baltimore Sun