www.marejournal.com Real Estate Journal — March 15 - 28, 2019 — 3A Rise Partners purchases 126,650 s/f grocery-anchored neighborhood center on 18.37 acres Stape & Lupo of KLNB completes $13 million sale of Easton Marketplace in Easton, MD E ASTON, MD — KLNB Retail Investment Sa l es Group an - M id A tlantic
it with nationally recognized junior anchors. Deals like this present a tremendous up-side and our knowledge of the mar- ket, coupled with terrific client relationships, were key to the success.” “Easton Marketplace pro- vided us with an excellent chance to enter a market with high barriers to entry, that has the added benefit of serving a large second home market, with additional drive- through traffic from theWash- ington DC metro en route to the Atlantic beaches”, said Greg Wilson , a Rise partner. Founding partner Geoff Smith added, “Easton is such a beautiful and historic com- munity, with easy access to Washington DC and Balti- more. We are all excited to spend time there working to enhance Easton Market- places’ longstanding position within the market.” our core approach of value add investments,” Flamholz added. “Our team remains ex- tremely bullish on the ware- house/industrial real estate category in the Baltimore- Washington, D.C. region, and we will continue to pursue opportunities that leverages our ability to retrofit and lease properties.” Highlights of last year’s acquisition activity include The Kirby Industrial Center in Prince George’s County featuring 75,000 s/f of small bay warehouse space, a liquid terminal transfer site at 6101 Pennington Ave in Curtis Bay and 6101 Falls Road, which is located at the entrance to Lake Roland. “Among our objectives in 2019 is to continue our pur- suit of value-add properties that satisfy our acquisition criteria, with a focus on flex / industrial assets, as we look to expand our portfolio in response to the strong funda- mentals of our marketplace,” Flamholz added.
nounced the sale of Easton Marketplace, a 126,650 s/f grocery-anchored neighbor- hood center on 18.37 acres in Easton for $13 million. Andy Stape and Vito Lupo of KLNB investment sales represented the seller, Mears Properties, LLC/Easton Marketplace, LLC , on the transaction, and also procured the buyer, Rise Partners . KLNB Management was se- cured as property manage- ment for the center. Easton Marketplace is currently anchored by Weis supermarket with junior- anchors Aaron’s and Cato Fashions. The sale also in- cluded five subdivided parcels comprising two ground leases – McDonald’s and Ruby Tues- day – Pier 1 Imports, Hair O’ The Dog liquor store and BALTIMORE, MD — Greenspring Realty Part- ners, Inc. (GRP) , a Bal- timore-based commercial real estate and investment company, has acquired 4801- 4825 Benson Ave., a 68,000 s/f single-story industrial and warehouse building for $4.37 million from Green Hill Partnership . This rep- resents the first 2019 acquisi- tion for the company following a year in which GRP acquired nine buildings comprising more than 225,000 s/f of space in the greater Baltimore/ Washington metropolitan region. The GRP portfolio now comprises more than two million s/f of rentable space. 4801-4825 Benson Ave. was 45% leased when GRP placed the building under contract and, despite a rela- tively short study and close period, was able to achieve 100% occupancy at the time of closing. The company suc- cessfully secured leases with 1st Choice Services and Won- derfly Events, representing
inline vacancies totaling 6,120 s/f. The center also benefits from being shadow-anchored by Lowe’s Home Improve- ment and Kohls, which are separately owned. This is the first acquisition in the Mid-Atlantic region by Rise Partners. “There was a tremendous Easton Marketplace aerial
amount of interest in Easton Marketplace due to the sup- ply-constrained market and the terrific redevelopment potential of the center,” said Lupo. “Rise Partners will im- mediately capitalize on the value-add opportunity by sub- dividing the previous JC Pen- ney space and redeveloping
Snifter’s Tasting Room, and a 0.76-acre undeveloped pad. The property represented a value-add opportunity for investors to immediately in- crease cash flow through the lease up of a vacant 33,796 s/f junior-box, an 8,450 s/f space occupied by Sears that is month-to-month, and two-
Greenspring Realty Partners, acquires 4801-4825 Benson Ave., 68,000 s/f industrial building in Baltimore County for $4.37m
Flamholz , principal and co- founder of GRP. “We were at- tracted to this building based on its excellent condition and strategic location near I-695 and I-95, including roadside visibility from the Baltimore Beltway. The existence of unused acreage provides the opportunity for a future build- ing, outside storage, or addi- tional parking.” 4801-4825 Benson Ave. is positioned approximately 4801-4825 Benson Ave.
37,000 s/f of space, during the due diligence period to elevate the project to full occupancy. The building is contained within the Beltway Corporate Center. “Our goal with every ac- quisition we pursue is to add significant value to the asset with an aggressive leasing or re-tenanting strategy, in addition to the execution of a property upgrade program when necessary,” said Dan
seven miles from Baltimore- Washington International Airport and 13 miles from the downtown business district of Baltimore. The Halethorpe Commuter Rail Station (Penn Line) is less than one-half mile away and the St. Denis Commuter Station (Camden Line) is three miles from the site. “We achieved our 2018 goal of adding assets to our port- folio that are consistent with
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