CONTINENTAL REALTY REVEALS PROPERTY IMPROVEMENT PROGRAM FOR MERRITT MANOR SHOPPING CENTER

Baltimore, MD (March 27, 2014) – Continental Realty Corporation has announced the initiation of a comprehensive property improvement strategy at Merritt Manor, a 91,000 square foot neighborhood shopping center located in the Dundalk section of Baltimore County, Maryland at 1115-1245 Merritt Boulevard. In addition, since acquiring the project last spring, Continental Realty has attracted several new or expanded leases to the center and increased overall occupancy to approximately 92%.

            The improvements will feature a complete renovation to the exterior facade of Merritt Manor Shopping Center, which was constructed in 1976. Other intended work includes repairs to the parking lot and sidewalk areas, the refurbishing and addition of landscaping and upgrades to the project signage. All work will be performed by The Mullan Contracting Company.

            Located at the intersection of Merritt Boulevard (MD Route 157) and German Hill Road, Merritt Manor is anchored by Gold’s Gym, a national fitness center franchise. Other tenants at the project include Hair Cuttery, M & T Bank, Sherwin-Williams, Mariner Finance and Leslie’s Swimming Pool Supplies.  The project is positioned at a signalized intersection, features roadside visibility from Merritt Boulevard and is benefited by nearly 42,000 vehicles passing the site on a daily basis.

            Newly signed tenants include Ullery Dental, a dental clinic that leased 4,000 square feet of space, Comfort Pharmacy and Polished Nails. In addition, existing tenant Gold’s Gym expanded by 1600 square feet of space.

            More than 93,000 consumers reside within a three-mile radius of Merritt Manor with a household income exceeding $57,000. Merritt Manor is within minutes from Eastpoint Mall, Interstate 695 and North Point Boulevard.

            “Merritt Manor Shopping Center represents a long-time investment for Continental Realty, and this property improvement program is designed to address maintenance issues and further elevate the asset in the local marketplace,” explained David Donato, Vice President of Continental Realty’s Commercial Division. “We believe in the emerging demographics of the Eastern Baltimore County retail environment, and consider Merritt Manor properly-positioned to respond to upcoming opportunities to better serve the local community.

“We are specifically targeting high-traffic retailers for Merritt Manor including fast-casual restaurants and carry-outs, sporting goods retailers and sport apparel and athletic shoe stores, medical providers such as a chiropractor and physical therapy operation, and other necessary retailers and service providers,” he added.

            Headquartered in Baltimore and founded in 1960, Continental Realty Corporation is a full-service commercial real estate investment and management company. The privately-owned firm owns and manages a diversified portfolio of retail centers consisting of more than 2.5 million square feet of space, as well as apartment home communities featuring more than 7,000 multi-family apartment homes. Positioned throughout the Mid-Atlantic and Southeast, the value of the portfolio exceeds $1 billion. Continental Realty focuses on asset value generation achieved through expert leasing and property management activities and long-term ownership.  For additional information, visit www.crcrealty.com.