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Real Estate

New Town Village Center sells for $31.7 million

New Town Village Center sells for $31.7 million

A large Illinois real estate firm closed Tuesday on an Owings Mills Shopping Center, paying nearly $31.7 million — about 40 percent more than when the property last sold three years ago.

Strong demand driven by low interest rates and limited mid-Atlantic supply helped boost the price for New Town Village Center, said Gil Neuman, managing director of Greysteel, a Bethesda brokerage, which announced the $269 per-square-foot deal.

Seller Black Oak Associates, a Towson firm that purchased the roughly 117,592-square-foot shopping center in 2012 for $22.5 million, had planned to hold onto the property, but moved to sell when they saw the improved market, Neuman...