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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.

Related Topics: America's Realty, Carl Verstandig, Foundry Row, Greenberg Gibbons, Kimco, Owings Mills Mall, and Wegmans

Chuck Burton

9:12 am on Thursday, September 20, 2012

I wish the man luck, but think he's asking to take on a losing cause, and the property would be better used as a kind of extension of the Metro Centre and the Carefirst offices, with only related shopping - though if Macys and JCP can be included, fine.

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kim

9:12 am on Thursday, September 20, 2012

A Costco, DSW, Lowes would be nice but please no Liquor store or Wig Stores. A satellite police station would be nice

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Tokyo

12:40 pm on Friday, September 21, 2012

I agree...please no liquor, no more dollar stores and please please no more wig and/or beauty stores. COSTCO would be awesome!!!

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BoricuaMama

12:32 pm on Monday, October 1, 2012

I agree with you Kim. Those would be good stores!

kim

9:15 am on Thursday, September 20, 2012

Chuck yes that would be a great idea.

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Chuck Burton

9:36 am on Thursday, September 20, 2012

Aldi is one, but already has a store in Cherryvale. Maybe they are thinking of something like Shop-Rite.

PM

10:20 am on Thursday, September 20, 2012

The property is a prime spot and should not be cheapened. I agree with getting it out of Kimco's hands if they are not willing to do anything as they have shown. Just don't give it to someone who's willing to bring in subpar quality stores.

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ReisterstownMAN

12:55 pm on Thursday, September 20, 2012

even a store like deep discounts "DD'S" that is opening up on Security Blvd in the next few weeks near the price right is good

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Carole

6:55 pm on Thursday, September 20, 2012

Excuse me, Reisterstown Man, but (1) Security Blvd looks like hell and (2) I live in Owings Mills and don't need my property values lowered any further by a "discount" grocery store or, for that matter, anything else labeled "discount."

Neily j

3:20 pm on Thursday, September 20, 2012

Verstandig is not the guy for this

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kim

4:39 pm on Thursday, September 20, 2012

We don't want low budget stores at the mall. The median income of the residents in Owings Milla should be considered . Not the folks coming from the subway

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Super Deacon

11:21 am on Thursday, April 11, 2013

It would be nice to see a Dick's Sporting Goods on the grounds. There is not sporting good store in the immediate area, and it would be nice to see the money remain there.

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