Sale of Baltimore-area retail center closed by HFF
WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Bel Air North Village, a 56,644-square-foot, CVS- and community bank-anchored retail center in the Baltimore suburb of Forest Hill, Maryland.
HFF marketed the property on behalf of the seller, Elysian Partners. The property was purchased free and clear of existing debt by a private retail real estate fund advised by Crow Holdings Capital – Real Estate.
Bel Air North Village consists of three multi-tenant retail buildings; a CVS and Susquehanna Bank positioned on individual outparcel pads; and a 1.31-acre development parcel. Completed in 2007, the center also is home to Chopstix, David’s Natural Market, Fox & Fern, Great Clips, Crabtree Learning Center and MedStar Health. Bel Air North Village is situated on 13.7 acres at 1517-1525 Rock Spring Road (Route 24) where it converges with Route 1 in Forrest Hill, which, along with neighboring Bel Air, are affluent communities approximately 30 miles from downtown Baltimore.
The HFF team representing the seller was led by managing directors Chris Munley and John Owendoff and director Jordan Lex.
”Bel Air North Village represented a well-located shopping center with credit tenancy in an affluent suburb of Baltimore, which drove investor demand for our client,” Owendoff said.
About Elysian Partners, LLC
Elysian Partners, LLC is a privately held, diversified real estate company with broad experience in the development, redevelopment, acquisition and management of commercial property, including commercial and industrial, shopping centers and an office park. Since its founding in 1991 in Harrisburg, Pennsylvania, the company’s portfolio has included two Target-anchored power centers, nine grocery-anchored strip centers, two unanchored neighborhood convenience centers, two office buildings, an office park and commercially zoned land holdings.
About Crow Holdings Capital – Real Estate (CHC-RE
Beginning in 1998, Crow Holdings (the predecessor to CHC-RE) sponsored the first of eight real estate private equity funds. Over the past 17 years, the funds have raised over $5.7 billion in equity commitments including over $800 million in equity commitments from Crow Family Holdings. Outside investors include endowments, foundations, public and private pension funds, financial institutions and high-net-worth individuals. The funds have actively acquired existing properties and development parcels of all types, both independently and with operating partners. As of September 30, 2015, these real estate funds have acquired or developed more than $15.4 billion in assets comprised of over 67 million square feet of industrial, over 13 million square feet of retail, over 9 million square feet of office, over 32,000 multifamily units, 387 convenience and gas stores, over 8,200 hotel rooms and almost 6,000 acres of lot development. For additional information, please visit www.crowholdingscapital-re.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.