Merritt Manor Shopping Center sold
Wednesday, 19 June 2013 12:41

Property purchased for $8.6 million

by Nicole Rodman

    Continental Realty Corporation has announced their purchase of the Merritt Manor Shopping Center at Merritt Boulevard and German Hill Road.
    The Baltimore-based real estate developer acquired the 91,000-square-foot property for $8.6 million, or $94 per square foot.
    According to a press release issued by Continental Realty, the developer is “focused on buying value-add multi-family and retail properties in the Mid-Atlantic and Southeast regions.”
    Other retail properties owned by Continental Realty include shopping centers in Baltimore, Carney, Columbia, Reisterstown, Timonium, Severna Park, Westminster and Ocean City.
    The Merritt Manor Shopping Center was purchased from previous owner Koninklijke Ahold N.V., a Dutch retailer with commercial holdings both in the U.S. and Europe.
    As the press release noted, Continental is looking to bring more retailers to the Merritt Manor site, now at just 83 percent capacity.
    “We are very excited about this acquisition. At a purchase price of $94 per square foot, we were able to acquire Merritt Manor well below replacement cost,” J.M. Schapiro, chief executive officer of Continental Realty Corporation, stated.
    “Based on our research of the eastern Baltimore County retail marketplace, we believe this area is under-retailed with emerging opportunities to draw additional retailers,” he added.
   

With a combination of established tenants such as Gold’s Gym, Hair Cuttery, M&T Bank and Sherwin-Williams, along with a high-visibility spot along Merritt Boulevard, Continental Realty believes that it can draw new retailers to the 35-year-old shopping center.
    “With a nearly 20 percent vacancy level, our leasing team is confident that we can attract compelling retailers to backfill the available spaces. We envision a tremendous opportunity to add significant value to this asset by leasing the remaining tenant spaces,” Continental Commercial Division vice president David Donato stated in the press release. “In fact, we have already signed one lease while in due diligence and we hope to sign others soon.”
    Currently, Continental is seeking “high-traffic retailers” for the Merritt Manor Shopping Center, including a liquor store, medical offices, sporting good stores and national fast-casual and carry-out restaurants.
    For Baltimore County Executive Kevin Kamenetz, the sale of Merritt Manor is a good sign for the Dundalk community.
     “This sale is another sign of Dundalk’s strength as a place to invest and do business,” Kamenetz noted in the press release. “Continental Realty recognizes that the Dundalk market has the customers to support quality retailers and services at Merritt Manor.”