Broad Street Realty bought Cromwell Field Shopping Center, a 233,486 square foot shopping center located at 7383 Baltimore Annapolis Blvd, Glen Burnie, Maryland.
The center shares a four-way stoplight with the Cromwell/Glen Burnie light rail station and thrives because of its location within the mature, close-in suburb of Baltimore adjacent to the Baltimore Washington International Thurgood Marshall Airport. The property is also just off I-97.
Cromwell Field Shopping Center is 88% leased, including anchor tenants Giant, Roses, Dollar General and House of Tropicals
Financing for the acquisition was provided Blue Vista LLC.
The shopping center is Broad Street’s fifth center in Maryland and the third acquisition within the past month.
Broad Street immediately intends to invest capital in refreshing the shopping centers, signage, landscaping and common areas.
“The center’s strong location and real estate fundamentals give us confidence in the security of this investment, while current vacancy and opportunities for tenant repositioning provide upside potential,” stated Broad Street’s CEO, Michael Jacoby.
This acquisition continues Broad Street’s strategy of pursuing retail properties in well located highly trafficked areas that appeal to value oriented shoppers, Jacoby says.
Tim McCann, Broad Street’s Head of Acquisitions is actively on the hunt to keep Broad Street’s pipeline full.
Broad Street Realty maintains offices in Washington, DC, Maryland, Virginia and Colorado.