A Pikesville-based commercial redevelopment firm purchased the North Point Mall in eastern Baltimore County near Dundalk earlier this month.
America’s Realty CEO Carl Verstandig said his company acquired the property, which includes a 95,000-square-foot Kmart and an adjacent 40,000 square feet of retail space, for $3.3 million.
“It’s a great location,” Verstandig said. “It’s just a rundown center.”
His company plans to completely redo the parking lot, install a new facade, new landscaping and new lighting.
America’s Realty recently completed $500,000 in improvements at Club Centre in Pikesville that included a new parking lot, lighting upgrades, new roofs and landscaping. That work was done over the past three months, Verstandig said.
The company also recently completed updates at 1709 Reisterstown Road that included a new parking lot, a new facade and new canopies. Last month also saw completed updates to the Fields building in Pikesville, which included new canopies, new paint and a retrofitted parking lot.
Verstandig, whose company buys distressed properties and renovates them and finds new tenants, is on target to buy 40 to 50 centers this year, about double what it usually acquires, he said.
“This year, there’s just been more opportunity that I’ve seen in 30 years,” he said. “The availability of product is like crazy.”