St. John Properties has announced the purchase of a one-acre parcel at 56 Timonium Road for redevelopment into 10,000-square-foot retail strip mall. Known as Timonium Exchange, the site is configured to hold a medley of tenants with businesses ranging from 1,500 to 4,500 square feet.
St. John said this week that it plans is to develop a mix of fast food tenants and small retailers and service businesses like hair salons and dry cleaners. The area is blessed with heavy traffic — data shows that more than 40,000 vehicles travel by Timonium Exchange daily. A report by NAI KLNB for the office market shows that the area has more than 7 million square feet of commercial office space, and a vacancy rate of 10 percent.
“This area remains under-served in the convenience retail and quick-serve food categories as consumers and businesspeople are constantly in search of amenities that address their busy lifestyles,” Bill Holzman, assistant vice president for retail leasing at St. John, said in a statement.
St. John also owns and manages Timonium Business Center, Yorkridge Center North and Yorkridge Center South, near the Exchange.
Last week at a community meeting in Columbia, General Growth Properties unveiled plans to build a 75,000-square-foot lifestyle center at the Mall in Columbia. The changes are in the planning phase, and another meeting is set for Feb. 8.
The mall opened in 1971 and has 1.4 million square feet of retail space. The last renovation came in 2004 when an LL Bean store was added. This gussy up will see that store replaced to make way for the new lifestyle center.
The Urban Land Institute will host a forum on Feb. 9 beginning at 4 p.m. at McHenry Row in Locust Point, the city’s new $125 million mixed-use development where new retail is poised to open by the summer.
The institute’s Baltimore Young Leader’s Group has invited local developer Mark Sapperstein to the forum to discuss the project. Sapperstein’s topics will include a look at the past three years of the project from inception to completion, including planning, financing and construction, all during the recession. The Greene Turtle, which recently opened its latest bar and restaurant there, will cater.
When completed, McHenry Row will hold 130,500 square feet of retail space and 65,000 square feet of office space. Leasing is underway for 250 upscale apartment units. Harris Teeter has already opened a 62,000-square-foot store there.
Bethesda-based Beech Street Capital LLC, has provided a $14 million Fannie Mae conventional loan to refinance Woods Edge Apartments in Rockville.
The deal, a 10-year fixed-rate loan, was originated by Meridian Capital Group LLC, and was financed by Beech Street as part of its correspondent relationship with Meridian.
Woods Edge was built in 1965 and has 12 three-story buildings and a total of 162 units.
Tidbits: KBE Building Corp. recently promoted Mike Tighe to director of field operations… Coldwell Banker Residential Brokerage has named Todd Ruckle relocation director for the Baltimore area. Ruckle will be responsible for educating Coldwell Banker’s residential sales associates on the value of relocation, as well as form strong business relationships with local and national companies and organizations… Trout Daniel & Associates recently leased a 12,800-square-foot space to That Bounce Place at 12400 Owings Mills Boulevard in the Owings Mills Sportsplex. The business is expected to open within three months.
Foodie Watch: Donna’s Coffee Bar and Café is planning to reopen in the Park Plaza building in Mt. Vernon this spring, co-owner Alan Hirsch said this week. The restaurant and other businesses were gutted after a five-alarm fire ripped through the 109-year-old building in December 2010.