Mid-Atlantic Realty Trust said yesterday that it has purchased the vacant Security Square Shopping Center in Woodlawn for $6.2 million, and will redevelop it with a Super Fresh supermarket as its anchor.
The redevelopment, which is estimated to cost $4.5 million, will add 15,000 square feet of space to be leased to small retailers. The center is near Security Square Mall.
Two other pad sites are appropriate for a restaurant with a drive-through and a bank, said F. Patrick Hughes, president and chief executive of the Lutherville-based investment trust.
"We are pleased to have acquired this strong, infill location," Hughes said. "Due to the strong demographic and traffic counts, potential tenant interest is vigorous.
"We consider ourselves to be good rehab people. We take older centers and change their configuration or add new tenants to recreate those assets. We thought the Security Square Shopping Center would be a great opportunity to do that."
The Super Fresh, to take up 56,000 square feet, is to open at the end of the year.
To fill the rest of the tenant space, the trust is seeking retailers to complement a grocery store and help create a neighbor hood shopping center, Hughes said. Good candidates would include a video store, a carryout restaurant, a dry cleaners and a hair and nail salon, he said.
"Our question is how are we going to limit the new tenants to five," Hughes said. "When we get finished, it'll look like a brand new shopping center."
The property, at Rolling Road and Security Boulevard, was formerly occupied by a Hechinger's.
The Security Square Center is the 36th shopping center owned by Mid-Atlantic Realty Trust, which owns, develops, leases and manages community shopping centers in the mid-Atlantic region. Twenty centers are in the Baltimore metropolitan area, including Fullerton Plaza and Harford Mall in Bel Air.