BLOGS
Big Salisbury properties change hands
Jeremy Cox
jcox6@delmarvanow.com
Investors with some deep pockets are betting on a continued upswing in Salisbury's commercial fortunes.
Several commercial properties have found new owners recently. Here's a look at the moves:
- The April 8 sale of the Lord Salisbury shopping center at 2645 N. Salisbury Blvd. involved some big money: $20.8 million. The center is home to popular retailers, including Old Navy, Bed Bath & Beyond and Marshalls. The publicly traded real estate investment firm Vereit ended up buying the 13-acre property for $200,000 less than what the seller, Lord Salisbury Center LLC, paid in 2007.
- The shopping center on the east side of South Division Street where it meets Milford Street has been sold. The SVN - Miller Commercial Real Estate firm announced the sale, but didn't name the buyer or price. The transaction has yet to be recorded on Maryland's online property records website. The center is dotted with local proprietors. Their ranks include Mitchell's Martial Arts, Classic Cakes and Kim's Oriental Grocery.
- A&M Family Group, an investment group out of Berlin, continued its buying spree in Salisbury. It acquired the strip mall just north of the Centre at Salisbury that his home to a post office branch, among other establishments. Sale price: $1 million. A&M also just snagged the former Horner Honda and the former Fratelli's restaurant, both on South Salisbury Boulevard. The firm has had money to spend since an affiliate sold the Food Lion-anchored shopping center on Stephen Decatur Highway in West Ocean City for $8.5 million.
Investor buys former Fratelli's, Horner Honda in Salisbury
- A new 18,000-square-foot retail store is in the works at the shuttered Toco gas station on the corner of North Salisbury Boulevard and Dagsboro Road. PTV Capital Partners Salisbury LLC is moving to have the city of Salisbury annex the property. The paperwork doesn't specify exactly what's in store for the property. But with more than 100 parking spaces sought by PTV, it's likely something that gets high traffic like a grocery store.
That's just what I haven't reported previously.
Other recent commercial real estate moves include the German grocery chain Lidl looking at building a store on the site of the Americas Best Value Inn, the land purchase for the construction of a CarMax and the redevelopment of the former Hostess bakery outlet on East Main Street, to name a few.