Commercial real estate development company also owns adjacent York Marketplace
TIMONIUM, MD (February 24, 2020) – Bavar Properties Group, LLC, a privately-owned commercial real estate development and investment company, has announced the acquisition of Troy’s Corner Shopping Center, a nearly 16,500 square foot neighborhood shopping center situated at 10029-10047 York Road in the Cockeysville section of Baltimore County, Maryland. Headquartered in Baltimore, the company acquired the asset which was 100% leased and occupied at the time of the transaction from Troy Development, LLC for $6.3 million. Mark Mueller, President of Brokerage for Broad Reach Retail Partners, represented both the buyer and the seller in this transaction.
Featuring roadside visibility and fronting York Road, the retail venue situated on a 1.5 acre site includes eight tenants including Leslie Pool Supplies, Subway and 7/11, and supports 70 surface parking spaces. It is located at the southeast intersection of York Road and Halesworth Road, with more than 100,000 consumers residing within a five-mile radius, including more than 41,000 households with an average household income exceeding $120,000. The daytime population is approximately 107,000 people.
Bavar Properties intends to initiate a $500,000 renovation strategy focusing on upgrading the exterior façade of Troy’s Corner Shopping Center that is expected to be completed this summer. Additional improvements will be made to the landscaping and tenant signage package and the parking lot will also be repaved.
The company also owns York Marketplace, located next door to Troy’s Corner Shopping Center at 10015 York Road. The center is nearly 100% leased to tenants that include Five Guys Burger and Fries, Saladworks, Cold Stone Creamery and Bray & Scarff.
“We were attracted to this asset for several reasons, led by the opportunity to acquire a fully-leased and stable shopping center located along a retail corridor that is considered among the prolific in the Baltimore metropolitan area,” explained Rob Bavar, Vice President of Bavar Properties. “Our ability to purchase a center adjacent to one of our existing properties, to leverage the ownership of both properties from an asset management perspective, was also a major consideration. The long-standing tenants that comprise this center have historically performed extremely well, market products and services that are in large part Internet-resistant and have generated loyal consumer followings.”
“Bavar Properties emerged as the logical buyer of this retail center given it ownership of York Marketplace and its familiarity with the Baltimore County retail landscape,” stated Mark Mueller of Broad Reach Retail Partners. “The company is a value-add developer with local roots that has expressed interest in this property for many years. I had a high degree of confidence in their ability to move forward rapidly and close the transaction.”
Bavar Properties Group, LLC is a family-owned commercial real estate development and investment company with a portfolio of more than 3.5 million square feet of space throughout Maryland, Virginia, Pennsylvania and Florida. For additional information visit www.bavarproperties.com.
