Continental Realty Corp. recently selected Melissa Gambuto… (Submittted photo )
St. John Properties announced last week that it has acquired a building on a 1-acre site at 56 Timonium Road, and will redevelop it into a 10,000-square-foot retail strip center, Timonium Exchange.
The site is located between Interstate-83 and York Road.
Bill Holzman, assistant vice president or retail leasing for St. John, said the property is currently home to a 7,200-square-foot office and warehouse building, which will be modified and renovated to create the new center.
The company said the target will be a mix of quick-serve restaurant tenants, combined with convenience-style retailers and merchants — such as the "fast-casual restaurant" category, hair salons, dry cleaners and other shops and boutiques.
"This area remains under-served in the convenience retail and quick-serve food categories," Holzman said. "We envision tremendous opportunities for Timonium Exchange, and have generated strong interest from a number of prospective tenants."
St. John officials cited a recent report from NAI KLNB 2011 that said more than seven million square feet of commercial office space exists in the Timonium/Hunt Valley area, with a vacancy rate of about 10 percent. The company also said more than 144,000 consumers reside within a three-mile radius of the site, with an average household income exceeding $70,000.
"Timonium features excellent daytime, evening and weekend demographics," Holzman said, "and York Road is recognized as among the most attractive retail corridors in the Baltimore-Washington, D.C. (area).
St. John Properties also owns and manages Timonium Business Center, offering 190,000 square feet of warehouse, office and retail space, plus Yorkridge Center North and Yorkridge Center South, which combine for more than 215,000 square feet of retail, flex and office space in Baltimore County.
Towson resident is regional manager for Continental Realty
Continental Realty Corp. recently selected Melissa Gambuto as regional manager in the company's Residential Division. She was formerly general manager for Bozzuto Management
In her new position, Gambuto will assume the property management oversight of Parkwood Court, a 189-unit apartment community in the City of Alexandria that was recently acquired by an affiliate of Continental Realty.
Gambuto earned her Bachelor of Science degree in Business Management from Towson University. She is a licensed real estate agent and was named Property Manager of the Year in 2010 by Bozzuto Management. She resides in Towson.