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Black Oak Associates Acquires New Town Village Shopping Center In Owings Mills

Black Oak Associates, Inc., the Owings Mills headquartered commercial real estate development and investment group, has purchased New Town Village Shopping Center, a 117,000 square foot shopping center in Owings Mills for $22.5 million.

The previous owner was New Town Village Business Trust, a joint venture of Kimco Realty Corporation and Jones Lang LaSalle.

Anchored by Giant Food, the center is located on Lakeside Boulevard at Groffs Mill Drive and includes Merritt Athletic Club, Starbucks, M&T Bank and a number of local shops and eateries.

Financing for the acquisition was provided by Rockville Bank, headquartered in South Windsor, Connecticut.Mike Gorsage of H&R Retail represented the seller and Black Oak Associates was self-represented in this transaction.

Black Oak has retained Keith Barnett and his team at KLNB Retail as the exclusive leasing representative for the property which is currently more than 94% leased.

According to Black Oak spokesperson Dara Hewat, "New Town Village is only minutes from our office headquarters. Our team has been shopping the Giant and other stores for a long time so we are intimately familiar with this property and trade area. The existing merchants provide a wide variety of dining, grocery and services to the community that we will support and help to grow in coming years."

As with previous investments, Black Oak was attracted to this project for its long-term viability and investment potential.

The New Town acquisition marks Black Oak's fifth in the past year and a half. The other centers recently acquired include South Cumberland Marketplace in Cumberland, Hastings Marketplace in Manassas, Virginia, Laurel Gardens in Laurel and Unity Village Shoppes in Latrobe, Pennsylvania which was a debt purchase.

Black Oak Associates is a regional, private development company that specializes in creating retail and mixed-use projects with a focus on long term performance and efficiency driven sustainability. The firm focuses on shopping centers located in the Mid-Atlantic region. The company's portfolio currently includes 13 centers comprising approximately two million square feet. For additional information, visit http://www.blackoakusa.com.

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