BALTIMORE – Trout Daniel & Associates, a full-service commercial real estate firm, is proud to announce the sale of Security Square South in Baltimore, Maryland for Baltimore-based Blue Ocean.
Steven L. Cornblatt and Jared R. Engel of Trout Daniel & Associates represented the seller, Blue Ocean, in the transaction. Richie Blue and Paul Obrecht of Blue & Obrecht Realty represented the purchaser, Set The Captives Free Outreach Center.
The Property, known as Security Square South, as well as Seoul Plaza in more recent years, is located in Baltimore County, Maryland. Situated in the southeast corner of Security Square Mall, with direct exposure to Security Boulevard, Rolling Road, I-695 and I-70, the 160,413 square foot former JCPenney is occupied on a short-term basis by local retailers and office users, both large and small, which provided maximum flexibility for a sale to a property user.
The Seller, Blue Ocean, purchased the property in 2013 for $3M, with the intention of making significant improvements and garnering new tenants for the project. Blue Ocean successfully invested and repositioned the property through a creative leasing program and by applying a ‘hands-on’ management approach. The favorable end result for Blue Ocean was reflected in the value appreciation of the property and the sale price of $4.7M.
Engel states, “The sale of Security Square South is just the latest example in the ongoing adaptive reuse trend of converting vacant retail space to experiential space. The number of traditional anchor tenants in today’s marketplace willing to take over a 75,000 to 200,000 square foot former department store is constantly shrinking, and Property owners are being forced to think outside the box.”
Per Cornblatt, “This transaction, which took more than a year to complete, required a cooperative mindset of both buyer and seller, demonstrating how brokers need to collaborate rather than work against one another to get to the finish line”.
For more information, contact Steven L. Cornblatt at 443-921-9331 or Jared R. Engel at 443-921-9342.
About Trout Daniel & Associates:
Trout Daniel & Associates is a full-service commercial real estate brokerage serving businesses throughout the mid-Atlantic and beyond. The firm takes a highly-customizable approach to providing a full range of commercial real estate services, including brokerage, development, consulting and management to the retail, office, industrial, multi-family and investment market segments.
For more information, call: (410) 435-4004 or visit: www.troutdaniel.com.
About Blue Ocean:
Blue Ocean is a property management company in Baltimore, MD that is active in syndicating, purchasing and managing investment grade real estate assets in the multifamily, office, retail and industrial sectors. The Company was founded in 2004. Since that time Blue Ocean has grown its portfolio to 35 properties valued at over $400,000,000. The Blue Ocean portfolio consists of approximately 3,700 apartment homes and 2,000,000 square feet of commercial space.
For more information, call: (410) 358-2232 or visit: www.blueocean.com