Neuman Commercial Group, LLC has been named exclusive advisor and agent for the sale of Metro Square, a 71,896 square foot commercial redevelopment site near a Target in Owings Mills, Baltimore County, Maryland. Located at 11120 ‐ 11130 Reisterstown Road, the two‐building property is 18% occupied by five long‐term tenants and includes a vacant 58,668 square foot former grocery. The property was constructed in 1999 on 5.4 useable acres (9.5 total), near the signalized Dolfield Road intersection. Recently in February 2020, SUPERVALU, Inc. exited a long‐term lease of their building, opening the opportunity for lease or redevelopment. Neuman Commercial Group is exclusively representing the seller, a publicly traded real estate investment trust.
“The long‐term existing tenants provide more than enough cash flow to carry the entire property,” stated Gil Neuman, Principal of Neuman Commercial Group. He added: “A new owner‐developer can now acquire one of the last significant infill opportunities in this highly redeveloped submarket, at significantly below replacement cost. The combined average daily traffic at the intersection is 40,000 cars.”
Owings Mills is a fast‐growing suburban community located off I‐795 four miles outside the Baltimore Beltway (I‐695), with over 1,600 businesses and public transit Metro SubwayLink connecting to downtown. 74,000 residents with $105,537 average household income reside within three miles of the property. Major recent area redevelopment includes 640,000 square foot Mill Station with new Costco, Lowes and Giant Food, Wegman’s anchored 365,000 square foot lifestyle center Foundry Row and the 1.5 million square foot Metro Centre mixed use development at the Metro station.
Neuman Commercial Group formed in 2017 as a highly focused firm specializing in arranging the disposition and acquisition of Mid‐Atlantic commercial assets, with a specialty in anchored, unanchored and urban retail properties. In its first year CoStar named Neuman Commercial Group a Power Broker Top Firm Award winner.
