Greenberg Gibbons Commercial to Purchase Parole Plaza
Company intends to redevelop and revitalize the center into mixed-use Town Center
Owings Mills, MD (March 31, 2004) – Greenberg Gibbons Commercial Corporation has announced it will purchase Parole Plaza Shopping Center, through its joint venture with Prudential Real Estate Investors (PREI). Located near the intersection of West Road, Riva Road and MD Route 2 near Annapolis, the project was developed in the late 1950s and is recognized as the second oldest retail venue in the State of Maryland. Greenberg Gibbons Commercial expects to close on this transaction within the next 30 days.
The property consists of approximately thirty-three acres and was originally developed as an open-air mall with major retail tenants. It is currently vacant and has been awaiting redevelopment for the past several years.
Greenberg Gibbons Commercial intends to demolish the existing structures and implement an aggressive redevelopment program, that mirrors revitalization activities it has underway at other retail shopping centers in the Maryland area. This includes the creation of a Towne Centre, complete with a mixture of local, regional and national retail uses, service and entertainment tenants, along with for-sale and rental residential units, commercial office space and a full-service hotel, according to Michael Dietrich, the company’s Director of Acquisitions.
The property will become 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 has already developed, redeveloped and acquired more than $250 million worth of mixed-use, retail and entertainment properties.
“This project will feature all the essential ingredients that will ensure its success as a true, thriving town center, beginning with excellent visibility, access to a stable and growing demographic base and a strategic location near major highways,” stated Brian Gibbons, President and CEO of Greenberg Gibbons Commercial. “Parole Plaza represents a unique opportunity that will prosper under the direction and vision of an experienced developer with a keen awareness of the Anne Arundel County marketplace. Our comprehensive development plan will capitalize on our local market knowledge and create an enticing atmosphere that will transform the project into one of the premier office, retail and residential destinations in the Maryland,” he added.
Greenberg Gibbons Commercial is one of the most active developers in Maryland today. In addition to numerous developments located in Maryland, Virginia and Florida, the company is currently redeveloping Hunt Valley Town Centre, a 900,000 square foot project formerly known as Hunt Valley Mall in Northern Baltimore County; Westminster Crossing, a 225,000 square foot center located in Carroll County and Burwood Village Center, a 116,000 square foot center positioned in Anne Arundel County. All three retail projects feature the addition of major anchor stores to their respective markets, including the first Maryland location for Wegmans Food Market, the highly regarded, upscale 130,000 square foot food market at Hunt Valley Town Centre.
Parole Plaza was considered the primary shopping destination for Anne Arundel County consumers throughout the 1950s, 1960s and 1970s. Plans to demolish the project in 2002, to make room for a new Wal-Mart store and a blend of office, retail and residential uses never materialized and it has remained undeveloped for the past several years.
Greenberg Gibbons Commercial is also the developer and owner of the award-winning Village at Waugh Chapel, a 770,000 square foot mixed-use project featuring distinctive “outdoor Main Street” architecture in western Anne Arundel County. It combines a complementary mix of retail, commercial office space, senior living residential units, business and consumer services, lakeside restaurants and a proposed 14-screen movie theatre. The project is presently comprised of forty-five retailers, of which fourteen are contained on pad-site locations and fifteen businesses, including the Anne Arundel Health System, which occupies more than 40,000 square feet of space.
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.
For additional information, contact:
Brian Gibbons, Greenberg Gibbons Commercial Corporation 410-559-2500
Larry Lichtenauer, LH&A 410-833-6205
