Finmarc Management Inc. has purchased Riverview Plaza, a 185,275-square-foot regional shopping center in Frederick, Md., for $30 million. The joint venture of EDENS and JPMorgan Chase & Co. sold the asset. This is the second property and first retail center Finmarc added to its Frederick-area portfolio.
CBRE Executive Vice President Ryan Sciullo and Vice President H. Casey Benson Smith brokered the transaction on behalf of the seller, while Finmarc was self-represented.
Completed in 1998, Riverview Plaza last changed hands back in 1999, when the EDENS joint venture purchased it, according to CommercialEdge data. Last year, EDENS sold a 168,655-square-foot shopping center in Bridgeport, Conn.
The tenant roster includes anchors TJ Maxx, Michaels, PetSmart and Bob’s Discount Furniture, along with a mix of diverse retailers such as Sierra and Old Navy. It is also shadow-anchored by the nearby Home Depot and Target. At the time of the deal, Riverview Plaza was 95 percent leased.
Located at 5425 Urbana Pike, the shopping center is within an Opportunity Zone. Riverview Plaza is near Interstate 270, in an area where the daily traffic count reaches 20,000 vehicles, according to Finmarc. The retail center serves 125,000 individuals within a 5-mile radius, with an average income of $130,000.
Baltimore’s retail sector looks solid
Baltimore started the new year with strong retail leasing activity, despite a slight increase in vacancy, according to a recent market report from MacKenzie Commercial Real Estate Services. Overall vacancy increased 10 basis points quarter-over-quarter, to 6.2 percent as of March.
More than half a million square feet of existing space has been leased this year, and 37 percent of the 286,000 square feet under construction is still available, with most already pre-leased.