{"id":1004080149,"date":"2013-07-12T06:36:35","date_gmt":"2013-07-12T14:36:35","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=146606"},"modified":"2020-04-07T11:10:21","modified_gmt":"2020-04-07T19:10:21","slug":"garrison-investment-group-acquires-towson-commons","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/garrison-investment-group-acquires-towson-commons\/","title":{"rendered":"Garrison Investment Group Acquires Towson Commons"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">Towson Commons has a new owner. New York-based Garrison Investment <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/towcom.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-146610\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/towcom.jpg\" alt=\"\" width=\"300\" height=\"300\" \/><\/a>Group has purchased the 401,775 square foot mixed-use complex; the acquisition came after two recent major leases on the property. The price of the transaction was not announced.<\/p>\n<p style=\"text-align: justify;\">The sale was arranged by Cassidy Turley, a leading U.S. commercial real estate services provider. Jonathan M. Carpenter and James S. Wellschlager of Cassidy Turley\u2019s Capital Markets Group represented the seller, Towson Commons HH LLC\/Capmark REO Holdings LLC.<\/p>\n<p style=\"text-align: justify;\">Towson Commons is located at 1 West Pennsylvania Avenue and 40 West Chesapeake Avenue in Towson, MD. The former owner, Capmark Financial Inc., acquired the property at a foreclosure sale in early 2011, paying $28.5 million for it.<\/p>\n<p style=\"text-align: justify;\">Towson Commons includes office, retail and a contiguous 887-space covered parking garage. Recently, General Dynamics Information Technology (GDIT) renewed its lease and expanded, taking over 146,000 square feet within the office portion of the complex. And a few months ago, L.A. Fitness announced it will open a 48,000-square-foot club at the end of this year in the former eight-screen movie theater that anchored the complex. According to Cassidy Turley, the property is 70.01 percent leased<\/p>\n<p style=\"text-align: justify;\">\u201cThe sale of Towson Commons will trigger a major investment in the retail component of the property, which has been sitting idle in the heart of downtown Towson for a number of years,\u201d commented Jonathan M. Carpenter, managing director and principal at Cassidy Turley. \u201cThis rare, mixed-use value creation opportunity in the Towson urban core, combined with the stability of existing tenants like GDIT and LA Fitness, attracted 16 competitive offers from highly qualified investor groups.\u201d<\/p>\n<p style=\"text-align: justify;\"><em>Photo credits: <a href=\"https:\/\/maps.google.ro\/\" target=\"_blank\" rel=\"nofollow\" maps?oe=utf-8&amp;client=firefox-a&amp;ie=UTF-8&amp;q=towson+commons&amp;fb=1&amp;gl=ro&amp;hq=commons&amp;hnear=0x89c80e5369e65cd3:0x641571de3a43d1f4,Towson,+MD,+USA&amp;cid=0,0,6268432316407899797&amp;ei=6gXgUdLFNuiB4ATxuYGICg&amp;ved=0CIQBEPwSMAA\" >Google Maps<\/a><\/em><\/p>\n<p style=\"text-align: justify;\"><em><br \/>\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Adrian Maties, Associate Editor Towson Commons has a new owner. New York-based Garrison Investment Group has purchased the 401,775 square foot mixed-use complex; the acquisition came after two recent major leases on the property. The price of the transaction was not announced. The sale was arranged by Cassidy Turley, a leading U.S. commercial real [&#8230;]<\/p>\n","protected":false},"author":925,"featured_media":1004507389,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579,21742],"tags":[39414,1815],"class_list":["post-1004080149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baltimore","category-latest","tag-baltimore","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Garrison Investment Group Acquires Towson Commons - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/garrison-investment-group-acquires-towson-commons\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Garrison Investment Group Acquires Towson Commons\" \/>\n<meta property=\"og:description\" content=\"By Adrian Maties, Associate Editor Towson Commons has a new owner. New York-based Garrison Investment Group has purchased the 401,775 square foot mixed-use complex; the acquisition came after two recent major leases on the property. The price of the transaction was not announced. 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