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New owner for Owings Mills shopping center

An Owings Mills-based real estate investment and development group has bought the New Town Village Shopping Center in Owings Mills for $22.5 million, the buyer announced Wednesday.

Black Oak Associates, whose investment portfolio contains 13 shopping centers, purchased the

Giant Food

-anchored shopping area from New Town Village Business Trust, a joint venture of

Kimco Realty Corp.

and

Jones Lang LaSalle

, Black Oak said in a statement.

The 117,000-square-foot shopping plaza is on Lakeside Boulevard at Groffs Mill Drive.

In addition to the grocery store, New Town contains a Merritt Athletic Club, a

Starbucks

, an M&T Bank branch, and several independent restaurants and shops, the statement said.

The shopping center is more than 94 percent leased. Black Oak has hired KLNB Retail to act as New Town's leasing agent.

Black Oak has also purchased shopping centers in Cumberland and Laurel in the past 18 months.

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