GREENBERG GIBBONS COMMERCIAL ANNOUNCES TWENTY-THREE NEW RETAIL LEASES AT HUNT VALLEY TOWNE CENTRE
Representing more than 90,000 square feet of space, new stores join anchors Wegmans Food Market and Greetings & Readings
Project is now more than 85% leased, with first merchants expected to open in late January
Owings Mills, MD (January 20, 2005) – Twenty-three retailers, primarily representing an array of restaurants and apparel stores, have signed leases totaling more than 90,000 square feet of space at Hunt Valley Towne Centre in Hunt Valley, MD with Greenberg Gibbons Commercial Corporation. The merchants join Wegmans Food Market, which is opening its first Maryland-area supermarket at the project this Summer, and Greetings & Readings, which announced last year its intentions to open a 28,500 square foot store in Hunt Valley.
The Owings Mills-based real estate developer is undertaking a comprehensive re-development program at the former Hunt Valley Mall which, upon completion, will feature more than 980,000 square feet of retail space, including 260,000 square feet in an open air “Main Street” environment, as well as various pad site locations. A residential housing component is also being considered at the site, which is now more than 85% leased.
Four free-standing retail buildings are substantially completed, and tenants will start opening for business later this month. Recently-signed tenants include Caribou Coffee; Carmine’s, an Italian restaurant; Cingular Wireless; Chipotle, a casual Mexican eatery; EB Games; Gelato Factory, an ice cream, Italian ice and dessert parlor; Calvert Wine & Spirits; Noodles & Company, a restaurant concept focusing on pasta dishes that recently entered the Baltimore market; Panera Bread and Quizno’s Sub.
The property was acquired in 2003 and is part of the joint venture formed in 2001 between Greenberg Gibbons Commercial and PREI, the real estate investment arm of Prudential Financial, Inc. The joint venture is actively developing, redeveloping and acquiring a variety of mixed-use, retail and entertainment properties throughout Maryland, Virginia and Florida.
New leases signed for the “Main Street” portion of Hunt Valley Towne Centre include apparel retailers Coldwater Creek, JoS. A. Bank Clothiers and Ann Taylor Loft. Restaurants that have committed for space are Cheeburger Cheeburger, Damon’s Sports Theatre, Greystone Grille and Jesse Wong’s Open Kitchen. In addition, leases have been signed with Ulta, a 10,000 square foot cosmetics salon that is new to the Baltimore area; Spa in the Valley, a 10,000 square foot day spa; Pearle Vision Center, Kabloom, a florist shop, Tomlinson Craft Gallery and Just Comfort Shoes. In addition, Greenberg Gibbons Commercial is continuing numerous lease negotiations with other lifestyle apparel retailers.
Construction work is on schedule for the 140,000 square foot Wegmans Food Market, with the grocery store expected to open its first Maryland location in August. It will join existing tenants that include Sears, Dick’s Sporting Goods, Wal-Mart, Burlington Coat Factory, DSW, Regal Cinema, Outback Steakhouse and Carrabba’s Italian Grill.
“Our leasing program is progressing extremely well, and our goal to have Hunt Valley Towne Centre substantially leased by the time of the Wegman’s opening this summer is on target,” stated Brian Gibbons, President and CEO of Greenberg Gibbons Commercial Corporation. “We are particularly proud of our success in incorporating a combination of merchants entering the Baltimore and Maryland area for the first time, as well as those unique to the local community. This mixture will create an enticing and exciting shopping environment at Hunt Valley and differentiate it from other retail venues in the suburban marketplace,” he added.
Located off Interstate 83 Exit 20B, the project is six miles north of the Baltimore Beltway, adjacent to the Hunt Valley Business Community, 10 miles from Towson, 20 miles from downtown Baltimore City and 35 miles from the City of York, PA.
More than one million consumers reside within a fifteen mile radius of the project, with an average household income of more than $140,000 and the site is surrounded by more than seven million square feet of office space and five hotels.
“We anticipate the opening of Hunt Valley Towne Centre to significantly alter shopping patterns and the overall retail landscape throughout the greater Baltimore region, as well as into southern portions of Pennsylvania,” stated Brian Gibbons. “Retailers such as Wegmans Food Market typically draw consumers from a radius of more than 25 miles, and the “Main Street” architecture and ambiance that we are creating at the town center will change the way people select their shopping centers of choice,” he added.
Greenberg Gibbons Commercial, founded in 1968, focuses on the acquisition, development, leasing and management of mixed-use properties and retail shopping centers in the Mid-Atlantic region. The firm builds value in these holdings through asset management, re-development and leasing activities. The company presently owns and manages eighteen properties totaling more than three million square feet of space.
For additional information, Contact:
Brian Gibbons, Greenberg Gibbons Commercial Corporation 410-559-2500 Larry Lichtenauer, LH&A 410-833-6205
