Baltimore-based developer Schwaber Holdings is pleased to announce the sale of Cold Spring Shopping Center – an approximately 22,000-square-foot, 100% occupied retail center located at East Cold Spring Lane and Loch Raven Boulevard in Baltimore, Maryland.
Developed in the early 1950s, Cold Spring Shopping Center was the first shopping center developed by Milton Schwaber, and among the first strip shopping centers to have been developed in Baltimore City. In 2014, Schwaber Holdings redeveloped Cold Spring Shopping Center, adding Family Dollar as the anchor.
The disposition was completed as part of Schwaber Holdings’ strategy to upgrade and reposition its legacy commercial portfolio through tax deferred 1031 exchanges. The company is actively underwriting several assets to redeploy proceeds from Cold Spring Shopping Center, with a focus on acquiring assets in higher growth submarkets.
Christopher Burnham and Dean Zang of Marcus & Millichap’s Washington, D.C. and Baltimore offices represented the Schwaber Holdings in the transaction, and also procured the buyer, Liberty Group Holdings. “We are grateful for teamwork in closing this sale amidst the Covid-19 epidemic. All sides worked diligently to navigate the new climate,” commented Schwaber CEO Mark Renbaum.
About Schwaber Holdings
Schwaber Holdings is a full-service commercial real estate investment, development, and management company founded more than 90 years ago and based in Pikesville, Maryland. The company currently has ownership in over 800,000 square feet of retail, office, and industrial properties, including Yorkridge Shopping Center (Timonium), Gittings Marketplace (Towson), Bunting Garage (Mercy Hospital), and Pulaski Crossing.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
