Catonsville Plaza
By admin July 1, 2017
In 2000, Tri-Land acquired a 16-acre, 270,000 SF, 80% vacant, three-story shopping center from Tom Daly, a private New York investor who sold Tri-Land three properties during a four-year period. Tri-Land capitalized on the center’s high-density and underserved minority market to convert it into a two-story urban shopping center anchored by Shopper’s Warehouse Foods (SuperValu) and KMart.
Repositioning Plan
- Created two-story urban shopping environment, taking advantage of topography to position on-grade parking at each level.
- Reconfigured traffic flows from Baltimore National Pike and constructed a new bridge to provide accessibility to the upper parking field.
- Reconfigured existing building to accommodate a 110,000 SF KMart on the first floor. Shoppers Warehouse Foods (SuperValu) leased 65,000 SF of the second floor space.
- Built a 5,000 SF outlot.
Results
- Increased occupancy from 20% to 100%.
- Bought the property in 2000; sold in 2005.
- Upon sale, achieved IRR of 42.5%.