HAGERSTOWN, Md. (WDVM) — A Baltimore-based real estate investment and management company has bought Centre in Hagerstown for $23.5 million.
Continental Realty Corporation bought the 331,000-square-foot retail center which is currently 93 percent leased. According to a press release, the property has both national and local retailers and restaurants including Bed Bath & Beyond, Marshalls, Books-A-Million, OfficeMax, etc.
“We were drawn to the opportunity to acquire a preeminent shopping center that serves the Hagerstown community. We purchased the property below replacement cost, and we’ll have the ability to add significant value to it with the execution of our business plan,” stated Paul Kang, Vice President of Acquisitions, Continental Realty Corporation. “We view Centre at Hagerstown as an institutional-quality asset with a great location in a promising, multi-state trade area. There are definable value-creation opportunities for remerchandising and leasing. This purchase seems to us a solid risk-adjusted yield in an area of Maryland we know very well.”
The seller was Washington REIT, represented by Danny Finkle, Jordan Lex, and John Owendoff of Jones Lang LaSalle.