Baltimore-based MCB Real Estate has acquired a majority stake in the Rotunda, a redeveloped mixed-use center in Hampden with stores, offices and apartments, in a $267 million deal to purchase three Maryland shopping centers.
Besides acquiring 60% of the Rotunda on West 40th street, MCB purchased a majority interest in a shopping center in Damascus and full ownership of a Frederick shopping center, according to documents filed with the U.S. Securities and Exchange Commission by the seller.
The properties were sold by First Real Estate Investment Trust of New Jersey, a REIT owned by New Jersey-based real estate firm Hekemian & Co.
Officials with MCB did not respond to requests for comment. The developer last year bought development rights for Clipper Mill, a development in Woodberry along the Jones Falls, and is redeveloping projects such as Northwood Commons shopping center near Morgan State University and Yard 56, a mixed-use development across from Johns Hopkins Bayview campus.
Hekemian, which acquired the Rotunda in 2005, invested about $100 million to redevelop 295,000 square feet of office and retail space and build the 379-unit Icon apartments behind the center’s main structure.
Current tenants include the grocery anchor, Mom’s Organic Market, which opened in April 2016, Brick Bodies gym, Walgreens and Starbucks.
The center had long been anchored by a Giant Food, which closed in 2012. A CineBistro dinner and movie theater that opened in 2017 closed at the end of 2020.
The sale was first reported by the Baltimore Business Journal.