An out-of-state partnership from New York and New Jersey has purchased Towson Marketplace and may turn the 550,000-square-foot mall -- considered an under-performer -- into a strip shopping center after the deal closes early next year.
"Towson Marketplace needs to be a more locally oriented mall -- something more like a 'power strip' center," said Michael Langford, development director at Bramalea Centers in Dallas, the company that sold Towson Marketplace, formerly known as Eudowood Plaza.
He declined to identify the partnership that bought the center or disclose terms of the purchase.
Mr. Langford said that strip shopping centers have several advantages for customers. Merchants can be quickly identified, and shoppers can enter stores without walking too far from their cars.
Marshall's, Toys 'R' Us and Montgomery Ward are Towson Marketplace's anchors.