Pikesville Company Interested in Owings Mills Mall
Carl Verstandig, a Pikesville real estate investor, has approached Kimco to buy its stake in the mall, according to reports.
A Pikesville real estate company is looking to buy the Owings Mills Mall, according to media reports.
America’s Realty LLC has approached Kimco Realty, the company that currently owns the mall along with General Growth Properties, about buying their stake in the property, according to a Baltimore Business Journal report.
Carl Verstandig, the company’s CEO, told the BBJ he offered 10 to 15 percent more than other buyers for the mall, which has a vacancy rate of 55 percent. Verstandig could not be reached for comment.
Kimco, which unveiled plans to redevelop the mall in February, have not revealed what its next steps are going to be. Geoff Glazer, Kimco’s vice president of acquisitions and development for the Mid-Atlantic and Northeast regions, previously said Kimco would not redevelop the mall if the Solo Cup plant on Reisterstown Road was rezoned, making way for a Wegmans-anchored center called Foundry Row. That property was rezoned on August 28.
Glazer did not return multiple phone calls seeking comment.
Like Kimco, Verstandig said he would demolish the mall but keep anchor stores JCPenney and Macy’s, according to a Baltimore Sun report. But rather than bring in upscale fashion retailers, cafes and restaurants like Kimco, Verstandig thinks the site is better suited for big box stores and a discount supermarket, he told The Sun.
Even Brian Gibbons, CEO of Foundry Row developer Greenberg Gibbons, expressed interest in redeveloping the mall if Kimco abandons the project.
“We think the mall represents a great opportunity and it’s something we plan to pursue,” Gibbons said.