Lutherville Station, a 269,000 square foot retail and office property in Lutherville-Timonium, Maryland, sold on Thursday, December 9, for $9,000,000. Situated on 12.9 acres, Lutherville Station is located at 130- 170 West Ridgely Road in Lutherville-Timonium near a Maryland Light Rail station. The previously foreclosed property was 38% occupied at the time of sale by retailers Big Lots, Old Navy, Best Buy Outlet and Restoration Hardware Outlet. Gil Neuman of Neuman Commercial Group together with online commercial real estate sales platform RealINSIGHT Marketplace represented the seller, 170 West Ridgely Road Holdings, LLC, acting by and through, CWCapital Asset Management LLC, in its capacity as special servicer for the owner. The buyer, a joint venture between affiliates of Schwaber Holdings and Kinsley Properties, was self-represented.

The property is adjacent to Schwaber-owned Yorkridge Shopping Center, a 170,000 square-feet community and lifestyle destination anchored by Kohl’s, Michaels Stores and Mom’s Organic Market. The new owners plan to redevelop the property as a mixed-use complement to Yorkridge Shopping Center.

The property was originally developed in the early 1960s as the Timonium Mall, anchored by Stewart’s Department Store. The Timonium Mall was later converted to a Caldor discount chain, and subsequent multiple tenants that once included Loehmann’s, Borders, Circuit City, Shoppers Food, and the State of Maryland. There are nearly 180,000 residents in a five-mile radius of the property, including more than 73,000 households with an average household income of $100,964.

Neuman Commercial Group is 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 Top Firm Award winner.