Howard County shopping center sells for $57.5M

An Ellicott City shopping center encompassing 185,000 square feet and five buildings was acquired by Normandy National Pike LLC for $57.5 million, according to MacKenzie Commercial Real Estate Services.

Normandy Shopping Center, located at 8450 Baltimore National Pike, contains commercial office and retail space and is anchored by Planet Fitness, Triveni Supermarket, Pinebrook Montessori Childcare, Bank of America, High’s Dairy Store and Kelsey’s Restaurant. 

The shopping center has more than 45 tenants, according to a release, and offers 10 American and international cuisine restaurants and a variety of retail and professional services. A lot spanning about six acres included in the property offers new owners the potential of project expansion.

“When Normandy Shopping Center was delivered in 1961, the asset was the original mixed-use project and the first grocery-anchored shopping center in the Howard County area, and was developed on land continuously owned by the Moxley family for more than 130 years,” MacKenzie executive Owen Rouse said. 

“With a dominant grocery store anchor, as well as restaurants and retailers in various categories, it served as the primary shopping destination for consumers over an extended time.”

Normandy Shopping Center represents the first local project in the Howard County area for Normandy National Pike, according to Owen. The shopping center is fully occupied by tenants.

“We fielded a substantial amount of competitive offers for the property, as historically low retail vacancy levels, the lack of new shopping centers being developed, and rising rental rates has fanned the interest among investors in the retail category,” he added.

“Normandy Shopping Center is now fully-stabilized, the physical plant is in excellent condition, and the new owners have secured an asset that will increase in value over the long-term.”