Mackenzie Brokers Sale of 85K-SF Shopping Center in MD

A partnership led by development firm Gillis Gilkerson has completed the acquisition of Pine Grove Village Shopping Center, a nearly 85,000-square-foot retail center located in Riviera Beach, Maryland, for $6.65 million.

MacKenzie Retail, a division within the brokerage arm of The MacKenzie Companies, represented the seller, the estate of Lisa Bertani, with Senior Vice President and Principal Michael Ruocco and Vice President Tim Harrington handling the assignment. MacKenzie Management Company performed asset management services for the previous owner, and MacKenzie Capital arranged project financing for the buyer in this transaction.

Located at 8567-8587 Fort Smallwood Road, Pine Grove Village Shopping Center was constructed in 1960, renovated in 1991, and sits on a 7.6-acre site. “The retail asset class has continued to perform well, drawing substantial attention from investors. The value-add profile of this acquisition gave debt providers confidence in the opportunity, leading to a highly competitive financing process,” stated Jack Ward, Vice President of MacKenzie Capital.

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