MD Firm Buys Up Struggling Baltimore Co. Shops In $19M Deal

TOWSON, MD — Kite Realty Group Trust has sold the struggling Towson Square and Circle East retail complexes to Baltimore-based Tide Realty Capital, the Baltimore Business Journal reports.

Kite originally valued the properties at $30 million but sold both to Tide Realty for $19 million, including a $15.2 million loan, according to documents filed with the U.S. Securities and Exchange Commission last week.

Both retail complexes have struggled, with Towson Square recently losing Bonefish Grill and BJ's Restaurant and Brewhouse as tenants. Kite has promised to revitalize the area but appears to have opted to sell instead.

Tide previously acquired Reisterstown Road Plaza from Kite and is revitalizing that property. Tide President Aaron Loeb told the Business Journal he believes that success can be replicated in Towson.

Read more at the Baltimore Business Journal.