{"id":1004707002,"date":"2024-03-20T08:19:31","date_gmt":"2024-03-20T16:19:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004707002"},"modified":"2024-03-20T08:28:15","modified_gmt":"2024-03-20T16:28:15","slug":"baltimore-area-shopping-center-lands-22m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/baltimore-area-shopping-center-lands-22m\/","title":{"rendered":"Baltimore-Area Shopping Center Lands $22M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2d93bf706c1&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"600\" data-attachment-id=\"1004707009\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/baltimore-area-shopping-center-lands-22m\/arundel-plaza-teaser\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/arundel-plaza-teaser.png\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"arundel-plaza-teaser\" data-image-description=\"&lt;p&gt;Arundel Plaza comprises six buildings spread on some 24 acres.  Image courtesy of JLL Capital Markets&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Arundel Plaza comprises six buildings spread on some 24 acres. Image courtesy of JLL Capital Markets&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/arundel-plaza-teaser.png?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/arundel-plaza-teaser.png\" alt=\"Arundel Plaza\" class=\"wp-image-1004707009\" style=\"width:302px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/arundel-plaza-teaser.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/arundel-plaza-teaser.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/arundel-plaza-teaser.png?resize=768,576 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Arundel Plaza comprises six buildings spread on some 24 acres. <em>Image courtesy of JLL Capital Markets<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>United Hampshire U.S. REIT has obtained $22 million for the refinancing of Arundel Plaza, a 282,039-square-foot shopping center in Glen Burnie, Md. JLL secured the 5-year, fixed-rate loan through a correspondent life company lender. <\/p>\n\n\n\n<p>The property had become subject to a $21.5 million loan from State Farm in 2018, according to CommercialEdge information. The note had a maturity date set in 2028.<\/p>\n\n\n\n<p>Built in 1967, Arundel Plaza underwent a cosmetic renovation in 2017. Anchored by Lowe\u2019s and Giant Food, the community shopping center has a diverse mix of national and regional retailers such as Jersey Mike\u2019s Subs, FedEx, Hook and Reel, Panda Express and Chipotle.<\/p>\n\n\n\n<p>Arundel Plaza was 100 percent leased to 15 tenants at the time of its refinancing. The property has an average tenancy of 8 years with a weighted average lease expiry of 7.8 years, according to JLL. <\/p>\n\n\n\n<p>JLL Senior Managing Directors Michael Klein and Jon Mikula, Senior Director Evan Parker and Analyst John Cumming led the Debt Advisory Team that worked on behalf of the borrower.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-well-positioned-shopping-center-near-baltimore\">A well-positioned shopping center near Baltimore<\/h2>\n\n\n\n<p>Located at 6620 Governor Ritchie Highway, the <a href=\"https:\/\/www.commercialsearch.com\/news\/retails-return-is-the-sector-2024s-sleeper-hit\/\">retail power center<\/a> is in Baltimore\u2019s Route 2 Corridor submarket, with downtown Baltimore some 8 miles away. The shopping center serves approximately 183,000 individuals within a 5-mile radius and has had some 2.2 million visitors over the past 12 months.<\/p>\n\n\n\n<p>The Baltimore retail market is expected to add 410,000 square feet to supply in 2024, according to Institutional Property Advisors research. The vacancy rate is slated to reach 6.2 percent at the end of this year, only 20 basis points above the metro\u2019s trailing 5-year average.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JLL Capital Markets secured the fixed-rate refinancing.<\/p>\n","protected":false},"author":3014,"featured_media":1004707009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579,21825,11,21742,21749],"tags":[32796,34060,34062],"class_list":["post-1004707002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baltimore","category-finance","category-midatlantic","category-latest","category-retail","tag-jll","tag-jon-mikula","tag-michael-klein"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Baltimore-Area Shopping Center Lands $22M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"United Hampshire U.S. REIT has obtained $22 million for the refinancing of Arundel Plaza, a shopping center in Glen Burnie, Md.\" \/>\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\/baltimore-area-shopping-center-lands-22m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Baltimore-Area Shopping Center Lands $22M\" \/>\n<meta property=\"og:description\" content=\"United Hampshire U.S. REIT has obtained $22 million for the refinancing of Arundel Plaza, a shopping center in Glen Burnie, Md.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/baltimore-area-shopping-center-lands-22m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-20T16:19:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-20T16:28:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/arundel-plaza-teaser.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/baltimore-area-shopping-center-lands-22m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/baltimore-area-shopping-center-lands-22m\/\",\"name\":\"Baltimore-Area Shopping Center Lands $22M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/baltimore-area-shopping-center-lands-22m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/baltimore-area-shopping-center-lands-22m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/arundel-plaza-teaser.png\",\"datePublished\":\"2024-03-20T16:19:31+00:00\",\"dateModified\":\"2024-03-20T16:28:15+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"United Hampshire U.S. REIT has obtained $22 million for the refinancing of Arundel Plaza, a shopping center in Glen Burnie, Md.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/baltimore-area-shopping-center-lands-22m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/baltimore-area-shopping-center-lands-22m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/baltimore-area-shopping-center-lands-22m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/arundel-plaza-teaser.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/arundel-plaza-teaser.png\",\"width\":800,\"height\":600,\"caption\":\"Arundel Plaza comprises six buildings spread on some 24 acres. 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