Owings Mills, Md. (April 11, 2019) —Greenberg Gibbons and Seritage Growth Properties (NYSE: SRG) announced today that they have formed a joint venture partnership to redevelop a 13.75-acre parcel into what will be part of the latest chapter in modernizing Hunt Valley Towne Centre in northern Baltimore County.
Initial plans for the parcel include further redevelopment of the former two-story Sears building and auto center located behind Wegmans. Michael’s and HomeGoods are now open on the first floor, while additional retail and entertainment uses will be targeted on the second floor. The partnership also intends to explore other development opportunities on the site. This redevelopment is the first phase of an overall $150 million transformation by Greenberg Gibbons of Hunt Valley Towne Centre that will feature new construction of first-class retail space, luxury apartments, office and hotel.“We are excited to partner with Seritage on this transformative project,” says Eric Walter, Executive Vice President of Development, Acquisitions & Finance for Greenberg Gibbons. “We look forward to the continued evolution of Hunt Valley Towne Centre and creating a vibrant destination for our community.”
“We are pleased to announce this venture with Greenberg Gibbons as an example of our strategy to partner with successful local developers to unlock value at our properties through intensive redevelopment and site densification”, said James Bry, Executive Vice President of Development and Construction at Seritage Growth Properties. “We look forward to participating in the continued redevelopment of the former Sears site at Hunt Valley Towne Centre.”
This project adds to the mix of uses including apartments, office, national and regional retailers and restaurants at Hunt Valley Towne Centre, which is anchored by Wegmans, Regal Cinemas and Marshalls. The Centre’s expansive retail options also include Dick’s Sporting Goods, DSW, Ulta Beauty, Bassett Furniture, California Pizza Kitchen, Eileen Fisher, Ann Taylor Loft and more. Hunt Valley Towne Centre is a mixed-use shopping destination and lifestyle center located six miles north of I-695 on Shawan Road between I-83 and York Road. For more information and store hours, go to www.shophuntvalley.com or follow Hunt Valley Towne Centre on Facebook.
About Greenberg Gibbons
Celebrating 50 years of success, Greenberg Gibbons is one of the Mid-Atlantic region’s premier developers of mixed-use, town center and retail properties. The company has developed and managed more than 5.5 million square feet. Its signature projects include the award-winning Hunt Valley Towne Centre, Annapolis Towne Centre, Waugh Chapel Towne Centre, Towne Centre Laurel and Foundry Row.
About Seritage Growth Properties
Seritage Growth Properties is a publicly‐traded, self‐administered and self‐managed REIT with 206 wholly-owned properties and 26 joint venture properties totaling approximately 36.3 million square feet of space across 48 states and Puerto Rico. The Company was formed and listed on the New York Stock Exchange (NYSE: SRG) in July 2015 in conjunction with the acquisition of a portfolio of real estate from Sears Holdings. Its mission is to create and own revitalized shopping, dining, entertainment and mixed‐use destinations that provide enriched experiences for consumers and local communities, and that generate long‐term value for its shareholders. The Company is headquartered in New York, NY.