Bon Aviv Sells Grocery-Anchored Shopping Center in Maryland

Neuman Commercial Group arranged the sale of the fully leased retail asset, located about the same distance from Washington, D.C., and Baltimore.

Hagerstown Shopping Center. Image via Google Street View

Bon Aviv Investments has sold Hagerstown Shopping Center, a 124,000-square-foot retail asset in Hagerstown, Washington County, Md. Neuman Commercial Group brokered the $13.2 million sale of the grocery-anchored property.

The recently rehabilitated shopping center is fully leased by 16 tenants, including Aldi, Family Dollar, Mr. Tire, AutoZone, McCormick Paints and Papa John’s. The property sits adjacent to the Dual Highway and next to Baymont Inn & Suites. Hagerstown, the sixth largest city in Maryland, is located approximately the same distance from Baltimore and Washington, D.C., at the intersection of Interstates 70 and 81.

Principal Gil Neuman of the Neuman Group represented the seller and procured the buyer, a private family management office. Aldi has renewed and extended its lease at the Hagerstown Shopping Center, which remained 100 percent leased throughout its existence, Neuman said, in prepared remarks.

In June, another fully occupied shopping center changed hands in Baltimore. Liberty Group Holdings bought the 22,000-square-foot retail asset in a deal brokered by Marcus & Millichap.

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