Greysteel’s Mid-Atlantic retail investment sales team consisting of Gil Neuman, Joyce Swain, and Cyrus Kashfian has arranged the sale of Waverly Towers, a 51,550-square-foot urban retail center located at 2801-2851 Greenmount Avenue in Baltimore City, Maryland. The sale price was $7.5 million, or $145 per square foot. Constructed in 1958 and since renovated, the property is 96% leased to eight tenants including Advance Auto Parts, Family Dollar, Fresenius Medical Care, and Ashley Stewart. Greysteel served as exclusive advisor and agent to the seller, Waverly Commons, L.L.C., and procured the buyer, Brentwood Village, L.L.C.

“This is a well-positioned center with long-term tenants – some in place almost thirty years – and new national credit tenant Fresenius, serving a dense urban populace,” stated Gil Neuman, Greysteel Managing Director. “The purchasers have the opportunity to add further value through leasing remaining top and lower-level vacancy,” he added.

Waverly Towers serves 40,000 residents within a one-mile radius and 300,000 residents within a three-mile radius.At 12,670 people per square mile the area population density is almost double the Baltimore City average of 7,671 people per square mile, according to the 2010 US Census.Nearby landmarks include the Johns Hopkins University’s Homewood Campus, Med Star Union Memorial Hospital, and Morgan State University. South of the Johns Hopkins Campus in nearby Remington, Seawall Development Corporation is developing Remington Row, a 250,000-square-foot project on Remington Avenue comprised of office, residential, and retail space with Johns Hopkins Community Physicians as a major tenant.

About Greysteel:

Greysteel is a commercial real estate and capital markets services firm with seven offices located in Los Angeles, CA; Washington, D.C.; Baltimore, MD; Philadelphia, PA; Dallas, TX; and Fort Worth, TX. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets.