Greenberg Gibbons Commercial Initiates Phase III Construction of Burwood Village Center in Anne Arundel County
New 15,300 square foot addition being built in response
to continuing demand for retail space in area
Owings Mills, MD (June 23, 2004) – Greenberg Gibbons Commercial has initiated construction of the Phase III portion of Burwood Village Center, a 116,000 square foot retail center that was purchased by the Owings Mills, MD-based developer in early 2002. The property is located at the intersection of Baltimore-Annapolis Blvd. and Furnace Branch Road, near Baltimore Beltway Exit 5 in Anne Arundel County.
The new section, which is expected to be completed this Fall, will feature 15,300 square feet of in-line retail space and is presently 65% leased. The tenants are restaurants Peking Buffet (4500 square feet) and Italia’s Corner Café (3600 square feet) and Curves (1800 square feet), a fitness and exercise center for women. Greenberg Gibbons Commercial is currently negotiating with additional retailers for the remaining available 5400 square feet of space.
The addition of retail space represents a continuation of the exterior renovation, re-tenanting, expansion and revitalization efforts that Greenberg Gibbons Commercial has undertaken since acquiring the center, which was constructed in the early 1970s.
“We continue to add retail space to Burwood Village Center to satisfy the demand for product in this section of northern Anne Arundel County,” stated David L. Goldbloom, Vice President of Greenberg Gibbons Commercial who is overseeing the leasing activities at the center. “The Linthicum/Ferndale area is an extremely stable community and its residents have responded favorably to our improvements at the project. The merchant mix offers the important products and services that the community is looking for,” he added.
The transformation of Burwood Village Center began when Greenberg Gibbons Commercial re-tenanted a vacated grocery store site with Food Lion, shortly after purchasing the project. An additional 7,200 square feet of retail space was completed in mid-2003 and is now 100% leased. Other improvements included the expansion of CVS Pharmacy to 11,000 square feet of space at a pad site location at the center, and the construction of a combination Dunkin Donuts/Baskin Robbins pad site that will open in the fourth quarter.
The Company is active in the Anne Arundel County region, with other projects including the Village at Waugh Chapel, Edgewater Village Center and the recently-acquired Annapolis Town Centre at Parole.
Greenberg Gibbons Commercial is also making plans to add 3,600 square feet of new retail space to Burwood Village Center – representing Phase IV – in Fall 2005. “We expect the two restaurants to bring increased traffic and new consumers to the shopping center, and interest among potential retailers continues to remain high. The positive momentum that has been generated with the expansion and leasing efforts has spawned an even higher demand for space,” he added.
More than 80,000 consumers live within the primary trade area of Burwood Village Center, and the average household income is nearly $60,000.
“Our company transformed a weak, poorly-tenanted retail center into a high-performing asset that has become a valuable part of the local community,” stated Greenberg, Chairman of the Company. “This asset re-invention and re-positioning plays to the strength of our organization, given our vast expertise in all sectors of re-development, leasing and property management. We were able to recognize the potential of Burwood Village Center and successfully completed its turnaround,” he added.
Greenberg Gibbons Commercial, founded in 1968, focuses on the leasing, development, acquisition and management of commercial real estate 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:
David L. Goldbloom, Greenberg Gibbons Commercial 410-559-2508
Larry Lichtenauer, LH&A, Inc. 410-833-6205
