New Owner of Gateway Overlook: Shopping Center Purchase and Loehmann’s Closing Unrelated
New landlord said the retail space occupied until recently by Loehmann's will stand vacant, if necessary, until an appropriate tenant is found.
The shuttering of Loehmann's only three weeks after the Gateway Overlook Shopping Center was purchased for $88.4 million was a coincidence, according to Washington Real Estate Investment Trust (WRIT), the retail center's new owner. "It was anticipated when we were buying the property," said Bill Camp, executive vice president and chief financial officer for WRIT. "While we were still under our due diligence, [Loehmann's] filed for bankruptcy." In spite of the failure of one of its tenants in the first month of ownership, WRIT is bullish on the Elkridge shopping center's future. "The fact [that] Howard County is one of the more affluent areas in the country by a variety of measures [means] that retail does quite well there," said …
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