MCRES Brokers $10.7 Million Sale of Country Ridge Shopping Center in Essex, MD
132,000 square foot retail center was 69 percent leased at time of transaction
1500 Country Ridge Ln, LLC has acquired Country Ridge Shopping Center, a 132,000 square foot neighborhood shopping center located at 1500-1550 Country Ridge Lane in the Essex section of Baltimore County for $10.7 million. Tom Mottley, Beetle Smith and Nick Maggio of MacKenzie Commercial Real Estate Services represented the seller, Crilley Warehouse, LLC and Andy Cole of DANAC Realty Advisors procured the buyer in this sales transaction. 1500 Country Ridge Ln, LLC is an entity owned by investor Javed Aizaz.
Delivered in 1963 and situated on an 11.55-acre parcel fronting Back River Neck Road, the asset was 69 percent leased and occupied at the time of transaction by a mix of national and local tenants including Dollar Tree Store, Family Dollar, Country Ridge Bingo, and Children R Us Learning Center. The site includes two pad sites leased by Fresh Fresco Market and Miss Twist and a free, surface parking lot that can accommodate approximately 630 vehicles.
“The new owner acquired a substantially-leased retail asset with high-performing tenants in an extremely stable submarket of Baltimore County,” explained MacKenzie’s Nick Maggio, “with the potential to create additional value by elevating the center to full occupancy.” He added, “competition remains fierce for shopping centers of this size and our team fielded tremendous interest from local and national investor groups. In the current retail landscape, Country Ridge stands as an example of an income-fortress asset based on its net operating income exceeding $900,000 and the security of national tenants. Country Ridge Shopping Center delivered a high-yield vehicle and that was exactly what the buyer was chasing.”
Country Ridge Shopping Center features easy access to Interstate 695 (Baltimore Beltway), and MD Routes 140 (Eastern Boulevard) and 703 (SE Boulevard). The residential population is nearly 200,000 within a five-mile radius and an additional 163,000 people work within that radius.
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates five full-service divisions addressing all real estate asset classes. The company provides customized real estate solutions for institutional owners, investors, private companies, and individuals. For additional information, visit www.mackenziecommercial.com
