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Towne Centre at Laurel sold for $134.8 million after redevelopment

Laurel Mall, redeveloped as Towne Centre, sold for $134.8 million.

The Towne Centre at Laurel was sold for $134.8 million last month, not long after Greenberg Gibbons completed a redevelopment of what was the former Laurel Mall.

Investors planning to renovate the mall acquired it out of bankruptcy in 2006, but the plans didn't bear fruit amid the recession until lead developer Greenberg Gibbons came on board in 2011.

Owings Mills-based Greenberg Gibbons began demolition of the Laurel Mall and new construction in 2012. The first retailer opened in the new town center-style shopping center in spring 2014, and other stores followed suit, including Harris Teeter, Burlington Coat Factory and a movie theater.

The mall was sold to a subsidiary of UBS Realty Investors on Aug. 4, records show. Greenberg Gibbons, which spent more than $100 million to redevelop the mall site, didn't respond to a request for comment. UBS Realty Investors did not respond to a request for comment.

Greenberg Gibbons also redeveloped Annapolis Towne Centre and Hunt Valley Towne Centre and is working in its hometown of Foundry Row, a redevelopment of the Solo Cup factory into a Wegmans-anchored town center.

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