Neuman Commercial Group, LLC, led by Principal Gil Neuman, has been named advisor and agent for the sale of Lutherville Station, a landmark 269,000 square foot commercial retail and office property in Lutherville-Timonium, Baltimore County, Maryland. The 12.9-acre property is located at a Maryland Light Rail station on Ridgely Road, just off of York Road and north of the Baltimore Beltway I-695, and adjacent to the Yorkridge Shopping Center with Kohl’s, Michaels and MOM’s Organic Market. Zoned “BL” commercial, the property is 67% occupied by national tenants Big Lots, Old Navy, Best Buy Outlet and Restoration Hardware Outlet on short-term leases and the State of Maryland in temporary occupancy. Original tenants included Loehmann’s and Shoppers Food. Neuman Commercial Group will offer the property through the online Commercial Real Estate sales platform RealINSIGHT Marketplace on March 4- 6, 2019 on behalf of the seller, CMBS special servicer CW Capital, who foreclosed on the property.
“Lutherville Station is a rare sizeable re-leasing and/or redevelopment opportunity in the heart of the region’s most sought-after commercial trade area,” stated Gil Neuman, Principal of Neuman Commercial Group, LLC. He added: “The high traffic, high-income and high barriers to entry should produce a healthy per-acre sale price, albeit significantly below replacement cost.”
Over 183,000 residents with average household income of $108,000 live within five miles of the property. Average traffic along York Road is 34,500 vehicles daily. The most recent area redevelopment is less than three miles away where construction has commenced on Towson Row, a $350 million mixed-use Whole Foods anchored development slated for 1.2 million square feet of retail, office, hotel and luxury and student housing.
Neuman Commercial Group formed in 2017 as a highly focused firm specializing in arranging the disposition and acquisition of Mid-Atlantic commercial assets, with a specialty in anchored, unanchored and urban retail properties. CoStar named Neuman Commercial Group a Power Broker 2017 Top Firm Award winner.
RealINSIGHT Marketplace: Provides local, national, and international investors the opportunity to efficiently buy and sell commercial real estate assets. Managed by a dedicated team of commercial real estate experts, with over $6B in online real estate sales experience, Marketplace has successfully closed over 280 transactions valued at $2.16B since its inception in early 2017.
