Baltimore County News
115,000 Square Feet of Retail Space in Downtown Towson
Towson Commons Retail LLC, a local investment group consisting of affiliates of MFI and Woodmont Properties II, LLC, has purchased the retail portion of Towson Commons, adding to the more than $1 billion in recent private investment to downtown Towson.
Local retail-focused brokerage firm MFI Realty is the leasing agent and is affiliated with the buyers of the 115,000 square feet of retail space along York Road and Pennsylvania Avenue.
“We are excited to see MFI and Woodmont Properties going big in downtown Towson,” said Baltimore County Executive Kevin Kamenetz. “This is an exciting moment for Towson Commons. We have the on-the-ground local expertise of MFI Realty and its large presence along the York Road corridor combined with the business relationships and insight of well-established real estate investment firms.”
A Mix of Amenities
“Towson Commons is in the heart of a prestigious retail market with pent-up demand. We envision a mix of amenities to serve the many different customers in downtown Towson—residents, students, professionals and destination shoppers alike,” said Michael Stoltz, director of leasing for MFI Realty.
The street front retail space for lease at Towson Commons is connected to a separately owned and renovated 231,000-square-foot Class A office tower anchored by General Dynamics Information Technology, a new 54,000-square-foot LA Fitness and an 887-space adjacent parking garage.
“MFI Realty is positioned to bring local market understanding to a long-neglected institutional-quality retail project at the center of Towson,” said Stoltz. “With all of the recent development in Towson, we are thrilled to bring a fresh new perspective combined with a modern reconfiguration of the ground floor retail at Towson Commons. We envision an eclectic mix. A white table cloth restaurant might be next to a local boutique; a place for students to stop, study and change up could be next to a destination national retailer.”
"The time is right for these prime storefronts to come alive in downtown Towson,” said Kamenetz. “This will be the first time in a generation the Towson Commons retail spaces have been controlled by a local developer. We look forward to the first lease announcements.”
MFI Realty Brings Local Retail Expertise
One of the leading retail-focused brokerage firms in the Baltimore-Washington region, MFI Realty specializes in leasing, tenant representation, investment sales and mortgage brokerage. MFI Realty leases a portfolio of more than 45 retail properties, totaling over 4,000,000 square feet, and also represents a variety of tenants.
Over $1 Billion in Recent Towson Investment
With more than $1 billion in recent private investment, downtown Towson is a major destination for the Baltimore market. Projects include the new 15-screen Cinemark theatres and restaurants at Towson Square, 2,700 new downtown apartments and townhomes and the Towson City Center office tower, which houses 600 workers at Towson University programs and headquarters for MileOne Automotive and Remedi Senior Care. Under construction at York Road and Towsontown Boulevard is Towson Row, a one-million-square-foot mixed-use development with a Whole Foods Market, luxury and student housing, offices, a hotel and open public greenspace.
Baltimore County Communications Office
When you think of the West Coast, you think of sunshine, light, and a lot of well-exercised, healthy people. Soon, LA Fitness will bring a touch of the West Coast to downtown Towson with a two-level health and fitness center at Towson Commons. From the building’s rotunda entrance at York Road and Pennsylvania Avenue, guests will be able to see the LA Fitness space, with views to an indoor lap pool and a stair case with glass rails. Light will fill the upstairs space with new windows, opening up what is now a blank wall facing York Road.
“It’s truly Towson’s Time. We are thrilled that LA Fitness is bringing new energy back to Towson Commons,” said Baltimore County Executive Kevin Kamenetz. “This is a great location in the heart of downtown Towson, convenient for workers, students and residents.”
LA Fitness will dramatically transform space that once housed out-of-date movie theatres. The center will feature basketball and racquet ball courts, a spin area with stadium levels, an indoor heated lap pool, whirlpool spa and saunas, personal trainers, and Kids Klub babysitting. Group fitness classes will include yoga, cycling, mat pilates, kickbox cardio, and aqua aerobics.
LA Fitness adds to the growing private investment in downtown Towson. Highlights include the $85 million Towson Square entertainment center, anchored by a 15-screen Cinemark movie theatre and eight restaurants, which began construction in early 2013. More than 1,500 new luxury apartments have been built in downtown Towson over the past four years. The 12-story Towson City Center building at the Towson traffic circle is fully leased and has brought new jobs to the center of downtown with corporate headquarters for MileOne, Remedi Senior Care, and Towson University’s Institute for Well-Being.
Now that’s momentum to rival any West Coast town.
Revised April 6, 2016