Continental Realty Corp. sells Merritt Manor shopping center for $11.9 million
Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management firm, has completed the sale of Merritt Manor Mall, an 88,332 square foot fitness center in Dundalk for $11.9 million to Abrams Development Group, a commercial real estate company based in Colombia.
Located at 1119-1211, boul. Merritt, the asset was leased and 96% occupied at the time of the sale transaction. Dean Zang, executive managing director of investments, and David Crotts, vice president of investments in the Washington office of Marcus & Millichap managed marketing and sales activities and represented Continental in this transaction.
Anchored by Gold’s Gym, the roster of tenants includes a mix of national and local retailers, including Sherwin-Williams, Dollar General, Hair Cuttery, GNC, Chicken Rico and Leslie’s Swimming Pool Supplies. The center is located at the signalized intersection of Merritt Boulevard and German Hill Road, and nearly 42,000 vehicles pass through the site daily.
CRC acquired the property in 2013, which was 83% leased, for $8.6 million. Continental executed a complete renovation of the centre’s exterior facade, upgraded all landscaping elements and improved center signage following the acquisition. This repositioning of capital has boosted rental demand in the centre. In addition to improving the tenancy and renewing tenants held in place at the time of acquisition, CRC also subdivided a roadside rig site and successfully sold the rig on the triple net market. in 2021.