Atlantic Realty Co. has sold the Alameda Marketplace in Baltimore for $18.2 million to a private regional investment group that was not named, according to the seller’s broker Neuman Commercial Group.
Spanning nearly eight acres, the Alameda Marketplace is newly expanded and renovated. The 124,157-square-foot shopping center is nearly fully leased with tenants including Shoppers Food, Walgreens, Family Dollar, Rent-A-Center, Planet Fitness, Fresenius Medical, Rainbow and Bank of America.
It’s the third sale in five years for the center, at 5600-5658 The Alameda between Northern Parkway and Loch Raven Boulevard and near MedStar Good Samaritan Hospital and Morgan State University.
Atlantic Realty bought the center in 2014 from Continental Realty Co. for $11.3 million. Atlantic Realty transferred the property internally in 2015 for $13 million, said Gil Neuman, Neuman Commercial’s principal.
“The sellers took a fundamentally strong asset in a dense urban submarket and increased value for the next owners through a well-scripted renovation and expansion strategy,” Neuman said in a statement. “Tenant sales are high and increasing — this is the anti ‘death-of-retail’ story.”