Fitness center-anchored center was 83% leased at time of acquisition, 96% leased at time of sale
Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has completed the sale of Merritt Manor Shopping Center, an 88,332 square foot fitness-anchored retail center located in the Dundalk section of Baltimore County, Maryland for $11.9 million to Abrams Development Group, a Columbia, Maryland-based commercial real estate company. Located at 1119-1211 Merritt Boulevard, the asset was 96% leased and occupied at the time of the sales transaction. Dean Zang, Executive Managing Director, Investments and David Crotts, Vice President, Investments of Marcus & Millichap’s Washington, D.C. office handled marketing and sales activities and represented Continental in this transaction.
Anchored by Gold’s Gym, the tenant roster features a mix of national and local retailers, including Sherwin-Williams, Dollar General, Hair Cuttery, GNC, Chicken Rico and Leslie’s Swimming Pool Supplies. The center is located at the signalized intersection of Merritt Boulevard and German Hill Road, and nearly 42,000 vehicles pass the site daily.
CRC acquired the property in 2013, which was 83% leased, for $8.6 million. Continental executed on a comprehensive renovation of the center’s exterior facade, enhanced all landscaping elements, and upgraded the center’s signage following the acquisition. This capital repositioning strengthened leasing demand for the center.In addition to improving the tenancy and renewing the successful tenants in place at the time of acquisition, CRC also subdivided a roadside pad site and successfully sold the pad into the triple net market in 2021.
“Merritt Manor is a strong, service-oriented community center that has performed very well during our nine-year hold,”said JM Schapiro, CEO of Continental Realty Corporation.“Our team elevated the tenancy, extended, and expanded several key tenants, and repositioned the physical asset. We’ve had a great run with this property and the center is well positioned to continue serving the community in the years to come. Merritt Manor is one more example of our team’s ability to identify great real estate and execute on diverse value-add strategies.”
Headquartered in Baltimore and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of more than five million square feet of commercial space and over 9,000 apartment homes across ten states, with a portfolio value exceeding $3 billion. For additional information, visit www.crcrealty.com.
