Belair Edison Crossing shopping center sells for $12.3 million
By By Natalie Sherman
Oct 03, 2014 | 2:52 PM
A Florida business bought the Belair Edison Crossing shopping center for $12.3 million this week, a deal that suggests strength in the city's retail investor market, the broker for the transaction said Thursday.
"It's a significantly sized deal in Baltimore City," said Gil Neuman, managing director of Greysteel Co. "I think there's a new sort of … revival, so to speak, of Baltimore, which is being seen nationally as a desirable place to invest."
The 16-acre Belair Road property last sold in 2003 for $4.7 million, according to reports at the time. City officials heralded the transaction, which involved plans for a $10 million upgrade they said would help spur revitalization of the area.
The site today is 100 percent leased, with tenants that include Food Depot, Dollar General and the Social Security Administration.
The previous owners, 2401 Belair LLC, a venture that included Owings Mills-based Black Oak Associates, decided to sell to collect on the value added to the property, said Neuman. Bethesda-based Greysteel represented the seller and procured the buyer, Belair Edison Investors, LLC, which is controlled by a Florida family-owned corporation. Neuman declined to identify the family.
Twelve groups made offers on the property in May, he said. The deal closed Oct. 1.
The new owners may look to raise rents, as some of the leases expire, he said. There is also a pad site available.
The Alameda Marketplace sold in April for $11.3 million. Neuman said the Shops at Federal Hill on Light Street, leased by Unleashed by Petco and Dunkin Donuts, is also under contract for more than the $2.53 million asking price.