Gary Rappaport And Max Lehrman Acquire Reisterstown Shopping Center From Greenberg Gibbons For $40.62M

The property involved in this transaction is a retail asset located at 11989 Reisterstown Road in Reisterstown, Maryland. The property, known as Reisterstown Shopping Center, encompasses a total of 159,522 square feet and was acquired at a sale price of $40,623,000, translating to a price per square foot of $254.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $40,623,000
• Buyer: Gary Rappaport & Max Lehrman
• Seller: Greenberg Gibbons
• Seller's Representative: Daniel Naughton & Jordan Lex - JLL
• Buyer's Financing: Evan Parker - JLL
• Annual Visits: ~3.2 million
• Anchors: Lidl grocery store and Lowe’s Outlet
• Other National Tenants: Planet Fitness, Starbucks, Chipotle, Dollar Tree, Walgreens, Jersey Mike’s, Bank of America, Mattress Warehouse, and Advance Auto Parts
• Demographics: Strong demographics and limited new supply

The transaction included a joint venture partnership between Gary Rappaport and Max Lehrman, indicating a collaborative investment strategy for long-term, necessity-based retail opportunities. Jones Lang LaSalle played a dual role in this deal by representing the Seller and also arranging financing for the Buyer, highlighting their involvement in both aspects of the transaction.