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A Virginia-based real estate company may locate a new fitness center on an unused portion of Baltimore's 10.9-acre Alameda Marketplace, which it acquired last week.
Atlantic Realty Companies, which bought the shopping center for $11.3 million, plans to seek ideas from community groups in the next two months as it develops a plan for a roughly 3-acre open space, said President David Ross.
"We're looking for the right uses for the center," he said, adding that fitness centers have been interested in the location. "We want to make sure that we reach out to the community first."
Ross said he hopes the new development will help drive traffic to the center, which in the last 10 years has faced added competition from the opening of new stores, such as Mars and ShopRite, in Northeast Baltimore.
Alameda Marketplace, built in the 1950s and first operated as an Epstein's department store, is about 95 percent occupied with stores that include Stop Shop Save, Rite Aid, Family Dollar, Goodwill, Bank of America, Rainbow and Rent-A-Center, according to a news release. The marketplace, located at 5600 - 5658 The Alameda, currently supports 113,000 square feet of retail space.
Seller Continental Realty Corp. of Baltimore selected the third highest offer from among 11 bidders, accepting less than the initial asking price, said Gil Neuman, managing director of the real estate investment services firm Greysteel Company, which helped arrange the sale.
"We felt that they were the most qualified to close," Neuman said.
Continental Realty has been selling its older properties in the last few years in favor of newer acquisitions, Neuman said.