Thursday, June 03, 2010

Long Reach Village Center to Change Hands…Again

The Long Reach Village Center is being sold for 60% less than it sold for in 2006. According to this story by Daniel J. Sernovitz in The Baltimore Business Journal, the thirty seven year old village center is being sold to Pikesville based America’s Realty, LLC “for $5.1 million from Cedar Shopping Centers Inc.”

This is the third time that this village center will have changed hands since Kimco acquired eight of the nine Columbia village centers back in 2002 from The Rouse Company. The $5.1 million price tag is even less than what Perrine & Wheeler paid for the retail center in 2004. Perrine & Wheeler sold the property to Cedar Shopping Centers in 2006 for $8.4 million.

This will also be the first major investment in Howard County for America’s Realty.

“Verstandig owns shopping centers across Greater Baltimore including Club Centre in Pikesville. But prices in Howard County have traditionally been more steep than Verstandig was willing to pay. However, commercial real estate properties across the region have fallen dramatically in the past few years because of the recession, including in Columbia.”

Cedar Shopping Centers also owns the Oakland Mills Village Center.