Large Federal Hill Retail Property Sells for $2.54 Million

The former Rite Aid on the 1100 block of Light St. in Federal Hill, which is now the home of Unleashed by Petco and Dunkin Donuts, has been sold for $2.54 million, equating to $442 per square foot. The property was owned by Mark Sapperstein’s development company, 28 Walker, which recently developed McHenry Row. 28 Walker was also a partner in The Shops at Canton Crossing and is currently redeveloping the Phillips headquarters in Locust Point.

From a GreySteel Release:

Bethesda, Maryland; November 6, 2014 – The Greysteel Company’s Mid-Atlantic retail investment sales team led by Gil Neuman has arranged the sale of The Shops at Federal Hill, a 5,750 square foot retail property located at 1100 Light Street in historic Federal Hill, Baltimore. The sale price was $2,540,000, or $442 per square foot. The property is 100% leased to two long-term national tenants – Unleashed by Petco and Dunkin’ Donuts. Greysteel served as exclusive advisor and agent to the seller, 28 Walker Development, and procured the buyer, Federal Hill Shops LLC.

“The combination of long-term national tenant credit, phenomenal underlying real estate and the current high-demand low-supply environment drove pricing,” stated Gil Neuman, Greysteel Managing Director.