Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of North East Station, an 87,006-square-foot, grocery-anchored shopping center in North East, Maryland.
The HFF team marketed the property on behalf of the seller, and procured the buyer, Klein Enterprises.
North East Station is situated on 42.2 acres at 2500-2548 West Pulaski Highway at the intersection of Routes 40 and 272. This location has direct access to Interstate 95 and is equidistant from Philadelphia and Baltimore. Anchored by Food Lion, North East Station is 90.3 percent occupied, by tenants including Walgreens, AutoZone and Wendy’s. The property is additionally shadow-anchored by Lowe’s.
The HFF investment advisory team representing the seller included managing director Chris Munley, senior director Jordan Lex, director Michael DiCosimo, managing director John Owendoff and executive managing director Stephen Conley, a licensed Maryland real estate broker.
“Anchored by a well-performing Food Lion, North East Station was well received in the investment community,” Munley said. “Grocery anchored retail continues to demand premium pricing, and North East Station was no exception, as there were a significant amount of competitive bids near or at ultimate strike price that were procured during marketing.”
About Klein Enterprises
Over four generations, Klein Enterprises has grown from a single department store to more than three million square feet of commercial and residential properties, all while upholding a tradition of hard work and innovative ideas instilled by the Klein family. Klein Enterprises, based in Baltimore, has decades of experience and success in development, acquisitions, brokerage, leasing, property and asset management. For more information on Klein Enterprises, visit www.kleinenterprises.com.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visithfflp.com or follow HFF on Twitter @HFF.