Continental Realty Corporation (CRC), a Baltimore-based actual property funding and administration firm, has accomplished the sale of Merritt Manor Shopping Center, an 88,332-square-foot fitness-anchored retail heart in Dundalk for $11.9 million to Abrams Development Group, a Columbia-based business actual property firm.
Located at 1119-1211 Merritt Blvd., the asset was 96% leased and occupied on the time of the gross sales transaction. Dean Zang, govt managing director for investments, and David Crotts, vp for investments of Marcus & Millichap’s Washington workplace dealt with advertising and gross sales actions and represented Continental on this transaction.
Anchored by Gold’s Gym, the tenant roster options a mixture of nationwide and native retailers, together with Sherwin-Williams, Dollar General, Hair Cuttery, GNC, Chicken Rico and Leslie’s Swimming Pool Supplies. The heart is positioned on the signalized intersection of Merritt Boulevard and German Hill Road, and almost 42,000 automobiles cross the positioning every day.
CRC acquired the property in 2013, which was 83% leased, for $8.6 million. Continental executed on a complete renovation of the middle’s exterior facade, enhanced all landscaping parts, and upgraded the middle’s signage following the acquisition. This capital repositioning strengthened leasing demand for the middle. In addition to enhancing the tenancy and renewing the profitable tenants in place on the time of acquisition, CRC additionally subdivided a roadside pad website and efficiently bought the pad into the triple web market in 2021.