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Baltimore County shopping center sells for $10.7M
An aerial view of the Country Ridge Shopping Center in Essex. (MacKenzie Commercial Real Estate Services)
Baltimore County shopping center sells for $10.7M
Listen to this articleBusiness entity 1500 Country Ridge Ln LLC has acquired Country Ridge Shopping Center in Essex for $10.7 million, MacKenzie Commercial Real Estate Services announced Monday.
Baltimore County-based MacKenzie Commercial Real Estate Services, the real estate brokerage arm of The MacKenzie Companies, brokered the sale of the retail center, according to a release.
Crilley Warehouse LLC was the seller in the transaction, according to a release. Investor Javed Aizaz is the owner of 1500 Country Ridge Ln LLC.
The 132,000-square-foot neighborhood shopping center located at 1500 to 1550 Country Ridge Lane sits on an 11.55-acre parcel fronting Back River Neck Road.
“In the current retail landscape, Country Ridge stands as an example of an income-fortress asset based on its net operating income exceeding $900,000 and the security of national tenants,” MacKenzie executive Nick Maggio said according to a release.
“Country Ridge Shopping Center delivered a high-yield vehicle and that was exactly what the buyer was chasing.”
Constructed in 1963, Country Ridge Shopping Center features national and local retailers, including Dollar Tree, Family Dollar, Country Ridge Bingo and Children R Us Learning Center. The site also includes two pad sites occupied by tenants Fresh Fresco Market and Miss Twist along with a parking lot made to accommodate roughly 630 vehicles, according to MacKenzie.
