Country Ridge Shopping Center, a 132,000-square-foot retail center in Essex, has sold for $10.7 million.
The buyer is 1500 Country Ridge Ln, LLC, an entity owned by investor Javed Aizaz. The seller was Crilley Warehouse LLC.
Built in 1963 on a 11.55-acre parcel at 1500 to 1550 Country Ridge Lane, the shopping center has a mix of national and local tenants including Dollar Tree Store, Family Dollar, Country Ridge Bingo and Children R Us Learning Center. It also contains two pad sites that are leased by Fresh Fresco Market and Miss Twist and a parking lot for about 630 vehicles. It was 69 percent leased on April 27, when the sale was finalized.
Nearly 200,000 people live within five miles of the shopping center, which fronts on Back River Neck Road and is easily accessible from the Baltimore Beltway, Eastern Boulevard and Maryland Route 703. Another 163,000 people work within a five-mile radius.
Tom Mottley, Beetle Smith and Nick Maggio of MacKenzie Commercial Real Estate Services represented the seller. Andy Cole of DANAC Realty Advisors represented the buyer.
The investor “acquired a substantially-leased retail asset with high-performing tenants in an extremely stable submarket of Baltimore County, with the potential to create additional value by elevating the center to full occupancy,” Maggio said in a statement.
“Competition remains fierce for shopping centers of this size and our team fielded tremendous interest from local and national investor groups,” Maggio said. “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. Country Ridge Shopping Center delivered a high-yield vehicle and that was exactly what the buyer was chasing.”
