Vanguard Equities Acquires Dark Circuit City

ROSEDALE, MD-Baltimore-based Vanguard Equities just closed on a Circuit City outlet located in this eastern Baltimore County submarket. It paid somewhat more than $4 million for the property with an eye to redeveloping it into another retail use. The company acquired the property from Circuit City–one of the few outlets that the parent company had a fee interest in.

Vanguard Equities tapped Segall Group Commercial Real Estate to assist it with the purchase. Now the company has been retained as the leasing agent for the redevelopment plans, Andrew Segall tells GlobeSt.com.

The redevelopment plans are still in the very early stages, Segall says–indeed the company is not sure if it wants to reuse the existing building or tear it down to build something new. Right now it is a multi-tenant facility with two retailers–NTB and West Marine–still in operation there. A big deciding factor, of course, will be identifying tenants interested in the space. Once that happens, Vanguard Equities and Segall will have a better idea of how to proceed, he says.

The store, located in the Golden Ring Center at the corner of the Pulaski Highway and Rossville Boulevard, is favorably positioned, Segall says. This submarket has not been severely affected by big boxes going dark. Also, existing retail there–much of which is other big boxes–is performing well. “Generally speaking business is good here,” he says, pointing to the nearby Wal-Mart, Sam’s and Home Depot. There is also a La-Z-Boy store and free standing Best Buy across the street, as well as an adjacent free standing Toys R Us. Grubb & Ellis’ Matthew B. Cooper and Eddie Goldmeier, vice president represented Vanguard Equities. Circuit City was represented by DJM Realty.