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The Arbutus Shopping Center, at 1052-1082 Maiden Choice Lane and 4733-4741 and 4738 Westland Blvd., spans two separate parcels totaling 7.88 acres. It is home to a tenant mix of national brands such as Walgreens, Advance Auto Parts, Dollar Tree, and Truist Bank, in addition to various local service-oriented businesses. (Photo courtesy of KLNB Capital Markets)
After 40 years, Arbutus Shopping Center changes hands with $16.65M sale
For the first time in more than 40 years, the Arbutus Shopping Center will have a new owner.
AmCap Inc., owners of the 87,939-square-foot shopping center, Thursday announced the sale of the property to Meir Duke of Duke Arbutus LLC for $16.65 million.
Anchored by a 37,300-square-foot Weis Markets, the transaction is the only sale in Baltimore County this year that includes a credit grocery store, demonstrating the tight supply of offerings in this submarket.
The property, at 1052-1082 Maiden Choice Lane and 4733-4741 and 4738 Westland Blvd., spans two separate parcels totaling 7.88 acres. It is home to a tenant mix of national brands such as Walgreens, Advance Auto Parts, Dollar Tree, and Truist Bank, in addition to various local service-oriented businesses.
The property is 95% occupied with two remaining suites available for lease, a traditional inline retail space and a former drive-thru building. It was AmCap’s first acquisition in 1981.
KLNB Retail Capital Markets Team Principals Chris Burnham and Vito Lupo and their team were retained as the exclusive sales advisers by AmCap Inc. Duke Arbutus was represented by MFI Realty.
With an upcoming debt maturation, KLNB ran an expedited marketing campaign and generated nine offers for the property in just two weeks, underscoring the strong demand and surplus capital actively pursuing the limited grocery anchored shopping centers in the market.
