MacKenzie Awarded Exclusive Leasing and Property Management Assignments for Pine Grove Village Shopping Center in Pasadena, MD
The MacKenzie Companies has been awarded the exclusive leasing and property management assignments for Pine Grove Village Shopping Center, a neighborhood retail center featuring approximately 86,000 square feet of space and situated in the Pasadena section of Anne Arundel County, Maryland. Mike Ruocco, Senior Vice President and Principal and Tim Harrington, Vice President of MacKenzie Retail are overseeing all marketing and leasing activities and Becky Beale, Property Manager of MacKenzie Management Company will be managing the day-to-day property management functions.
Delivered in 1954 and located at 8587 Fort Smallwood Road, Pine Grove Village Shopping Center features multiple retailers including Dollar General, Hobby Shop, and Pizza Boli’s. Fronting Fort Smallwood Road, nearly 105,000 people reside and an additional 75,000 people work within a seven-mile radius of the center. The average household income exceeds $100,000.
“Neighborhood shopping centers remain highly attractive to retailers, given the high volume of consumers that visit this category weekly combined with its convenient location and visibility,” stated MacKenzie’s Mike Ruocco. “The exit of Mars Grocery Store provides us with an excellent opportunity at Pine Grove Village Shopping Center, and our immediate priority is secure a new operator that will fill a void in this trade area and service the shopping needs of the entire Pasadena community. We believe there exists an opportunity for a grocery store concept, either locally or nationally-operated, in addition to multiple other retail concepts to leverage the above-average demographics contained in this submarket.”
MacKenzie Retail is also pursuing a sale or ground lease of an available pad site within the eight-acre shopping center.
“Our team is mobilized to initiate a property management audit designed to uncover actionable items to operate Pine Grove Village Shopping Center more efficiently and positively impact the bottom line of the ownership group and the tenants,” explained Jill Harman, President, MacKenzie Management. “We intend to be extremely proactive with our comprehensive programs that have proven to enhance the customer experience and increase asset value.”
The MacKenzie Companies operates five full-service divisions addressing all real estate asset classes including MacKenzie Commercial Real Estate Services, MacKenzie Management Company, MacKenzie Contracting Company, MacKenzie Capital, and MacKenzie Investment Group. The company provides customized real estate solutions for institutional owners, investors, private companies, and individuals. For additional information, visit www.mackenziecommercial.com
