Pikesville-based America's Realty LLC closed this week on a Baltimore County shopping center near the Eastpoint Mall, paying $3.3 million for the roughly 100,000-square-foot site.
The North Point Mall purchase is the latest in a string of deals for America's Realty, as real estate investment trusts and others shed the older and distressed properties on their books, CEO Carl Verstandig said
The firm, which has raised millions from hedge funds in recent years, is on pace to acquire more than 40 properties this year — roughly double its typical haul. It owns more than 300 sites in 45 states, Verstandig said.
America's Realty focuses on leasing older centers by filling local niches, luring tenants with lower-than-usual rents.
"We believe in recycling these centers, that are old and obsolete and basically bringing life back to them," he said.
The seller of the 222 North Point Blvd property was Northpoint Associates LP of New Jersey, Verstandig said.
America's Realty has signed a lease for a Family Dollar at the shopping center, in addition to the existing Kmart, Verstandig said. Long term — in 10 or 12 years after leases expire — it may redevelop the site, he added.
"We just see a tremendous amount of long-term growth," he said, pointing to plans for new homes in the area and redevelopment of Sparrows Point.