20,200 square foot retail center fronts MD Route 140 and is located at 2970 Dede Road
MacKenzie Commercial Real Estate Services, LLC has brokered the sale of Walnut Park Plaza, a 20,200 square foot retail center located at 2970 Dede Road in Finksburg, Maryland to NF Dede, LLC for $3.6 million. Dennis Boyle, Senior Vice President; Chris Walsh, Senior Vice President, and Graham Sevy, Real Estate Advisor with MacKenzie represented the seller, Mudgett Family, LLC.
The single-story retail center which fronts MD Route 140 was 65 percent leased at the time of sales transaction with tenants including Magass Family Medicine and Urgent Care, Ronnie Ruffner State Farm Insurance, appliance repair company JJ Gloss, and Mexican restaurant Taqueria el Guacamole. The sale includes a one-acre pad site suitable for development, a one-third acre storage pad and an adjacent 2.5-acre parcel.
“Carroll County demographics remain extremely healthy which has captured the attention of investors and development groups looking to enter or expand into this section of central Maryland,” explained MacKenzie’s Dennis Boyle. “Walnut Creek Plaza is situated along a major east-west corridor which connects Carroll County to Baltimore County and the towns of Reisterstown and Owings Mills. In addition, commuters residing in Westminster pass the site on a daily basis when driving to and from work.
“The asset is attractive as it offers the opportunity to add long-term value, given the availability of approximately 7,500 square feet of retail space,” Boyle added. “Other paths for additional income involve the potential ground lease of the existing pad sites. Investor interest was strong, and the new owner acquired an asset below replacement costs offering numerous development options.”
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates five full-service divisions addressing all real estate asset classes including MacKenzie Management Company, MacKenzie Contracting Company, MacKenzie Capital, and MacKenzie Investment Group. The company provides customized real estate solutions for institutional owners, investors, private companies, and individuals. For additional information, visit www.mackenziecommercial.com.
