Landmark Mixed-Use Property in Baltimore County – Immediate As-Is Value and/or Redevelopment
Neuman Commercial Group and RealINSIGHT Marketplace are pleased to present the sale of Lutherville Station, an irreplaceable ~12.89-acre prime infill commercial mixed-use property at a Maryland Light Rail station off York Road: the densest, highly-trafficked and sought-after commercial corridor in high-income Baltimore County. This exceedingly rare re-leasing and/or redevelopment opportunity is improved by a 269,000 square foot three-tiered retail and office center constructed in 1997 and is expected to trade at significantly below replacement cost.
National Credit Tenants. Old Navy, Best Buy Outlet, Restoration Hardware Outlet and Big Lots are on short-term below-market leases. The Property is 67% occupied, as of January 2019, including the State of MD in temporary occupancy; soon to be ~38% after their planned departure within the year. Adjacent to Kohl’s, Michaels, MOM’s Organic Market, Carter’s, M&T Bank, Massage Envy and more.
Immediate Re-Leasing Opportunity. Upgrade aesthetics and systems to immediately lease all available space, including 60,000 SF former grocery and move-in ready open office floors; extend existing leases.
Transit-Oriented Redevelopment. High barrier-to-entry infill location. “BL” zoning allows retail, medical, office, self-storage and distribution; in-place stable revenue for pre-development carry.
Premier Commercial Corridor. Positioned off high-demand York Road aka “Baltimore’s Rockville Pike,” just north of the Baltimore Beltway I-695 and off parallel I-83; average 38,000+ cars daily.
Dense High-Income Demographics. Over 80,000 residents within 3 miles, average income over $100,000; heavy daytime population from nearby office and light industrial businesses.
Baltimore County AAA Bond Rated. Second largest job center in Maryland with 21,400 businesses, 379,000 employees and low 4.6% unemployment rate. Major employers Stanley Black & Decker, McCormick, Lockheed Martin, T. Rowe Price, Social Security Administration, Greater Baltimore Medical Center, Towson University, University of Maryland, CareFirst, Blue Choice, Inc.
Lutherville Station offers an extraordinary opportunity to acquire a sizeable holding in the heart of Baltimore County’s premier commercial trade area. Adjacent to the Maryland Light Rail station on one side and the upscale Yorkridge Shopping Center on the other, the Property is inimitably positioned to serve its extremely dense and affluent day and nighttime population. National credit tenants on short term leases provide income while a new owner implements any of a multitude of investment strategies to create significant value.
Throughout the marketing period HFF will provide investors with real time debt quotes from various capital sources. It is to the investor’s benefit to contact Drake Greer and Evan Parker early in the process in order to discuss all available terms, along with the advantages of engaging HFF/CW on the financing versus completing an all-cash acquisition.
Benefits of Engaging HFF/CW In Arranging Financing Include:
Note: Benefits referenced above will only be made available to investors who engage HFF/CW prior to the auction start date of March 4, 2019. It is recommended that investors contact HFF early in the process.
HFF’s Debt Placement Services
As a leading mortgage banker in the U.S., HFF’s extraordinary transaction volume provides the unparalleled capital markets knowledge necessary to develop the most creative financing strategies to meet and exceed client expectations. Our established relationships with insurance companies, investment banks, foreign and domestic banks, a Fannie Mae lender, Freddie Mac and pension funds have allowed us to provide our clients with the most competitive terms and most reliable executions in the debt and equity market.
Loan Types HFF Assists With Include:
HFF’s 2017 Commercial / Multifamily Annual Origination Rankings per the MBA:
Freddie Mac Top Multifamily Lenders, 2018 Rankings
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
Platform fee for this transaction is 5.00% or a minimum of $25,000.
c/o Fisher Auction Company Inc.