Petersburg retail centers sell for $10.25M
South Crater Square is 83% leased, Pinehill Plaza 29%
Two neighborhood retail centers in Petersburg sold for $10.25 million on Oct. 15.
The two properties total 192,510 square feet and occupy 24.9 acres. Located at 3330 S. Crater Road, South Crater Square is 82.7% leased and anchored by Rose’s, with Walmart Supercenter as a shadow anchor. Pinehill Plaza, located across the street at 3333 S. Crater Road, is 29.1% leased.
Pikesville, Maryland-based America’s Realty LLC bought the portfolio from South Crater Square Associates LLC. Catharine Spangler with Cushman & Wakefield | Thalhimer’s Capital Markets Group represented the seller, with assistance from Alicia Brown, who handles leasing at the properties.
Marc Tropp, a senior managing director with Bethesda, Maryland-based commercial real estate brokerage Eastern Union Funding, arranged a loan of more than $8 million for Carl Verstandig, president and CEO of America’s Realty. The loan provided about $7.69 million for the purchase — a 75% loan-to-cost ratio — and the remaining $500,000 the bank is holding for future improvements for tenants.