Cushman & Wakefield has arranged a $37.37 million floating-rate construction loan for Derby Place, a planned retail development in Bel Air, Maryland. The project totals 94,587 square feet and will be anchored by a Whole Foods Market, positioning the center as a grocery-anchored destination within the local trade area. The financing supports ground-up construction of the center as it moves forward on a site that previously housed a department store.
The property is located at 610 Baltimore Pike on a 10.45-acre site that was once part of the former Harford Mall. Derby Place will replace a vacant Macy’s box at the mall, transitioning the underutilized space into a new open-air retail environment. According to the parties, leasing traction is already strong, with the property reported as 92% committed to retailers and service providers prior to delivery.
Within the overall footprint, Derby Place is planned to include 60,000 square feet dedicated to luxury boutiques, restaurants, shops and amenities, complementing the Whole Foods Market anchor. The project will also provide 512 parking spaces, designed to support both daily grocery trips and destination retail traffic. The combination of a national grocer and an assortment of higher-end retail and dining is intended to draw consistent visitation from the surrounding community.
Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the borrower, SJC Ventures, in securing the construction financing. The team included John Alascio, Mark Gilbert, Alex Hernandez and Mitch Rothstein. SJC Ventures is described as the borrower on the project and has recently commenced demolition of the former Macy’s building at the Harford Mall site, advancing site preparation for the new development.
Bank of America provided the construction loan for Derby Place. In connection with the financing, Mark Gilbert of Cushman & Wakefield noted that the transaction reflects continued demand for institutional-quality, grocery-anchored retail in high-barrier markets. The combination of a major national lender, a grocery anchor and a high pre-commitment level underscores the current capital market focus on well-located, necessity-anchored retail projects.
