Fidelity Investment Center, Towson Circle, Towson, Maryland
In 2005, GillBayer, LLC, a Baltimore-area development and investment group, engaged MacKenzie Retail to initiate the marketing of a small, but highly visible, site on York Road at Towson Circle, in downtown Towson. Prior to GillBayer becoming contract purchaser of the property, the subject parcel had been in play for a number of other uses, including a bank and a national pharmacy. However, because of its size and inability to provide adequate parking and traffic flow for drive-thru lanes, these deals never closed.
Aside from a high land cost, the site had been challenging because of limited points of access. It was surrounded on four sides by three busy roads and an alleyway, including a State Highway easement for future road widening. The alleyway was the best point of ingress/egress serving the site, however, it was also used by an adjacent property owner, so there could be no interruption of access during and after construction of any improvements.
MacKenzie assisted GillBayer in assembling a team of specialists, including a well-respected architect, land planning/site engineer, and land use counsel. Concurrently, MacKenzie assembled a quality, 12-page, marketing package which it circulated to national and regional prospects, while also soliciting the interest of national brokers who represent clients seeking high-visibility locations for their retail and institutional accounts. The site was presented at the May 2005 ICSC Convention to Fidelity Investments, who were hoping to relocate in order to upgrade its image in the Towson market. Within 60 days of the ICSC meeting, MacKenzie negotiated the terms of a turnkey lease for GillBayer to build and lease a 6,520 SF, proprietary, single-purpose, Fidelity Investment Center. The terms of the lease, on a square foot basis, exceeded any that had been done to date, thus resulting in a rental rate that reflected the true potential of this extraordinary location. This facility was constructed by MacKenzie Contracting and is now open and operating successfully.
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