Historic Dundalk Shopping Center For Sale?

JMJ Properties, the Baltimore real estate company that purchased the bulk of the buildings in the historic Dundalk Shopping Center six years ago, may be seeking to sell the property.

Amy Menzer, executive director of the Dundalk Renaissance Corporation, said during the Dundalk Heritage Fair that JMJ Properties manager Dawn Macijeski had informed her that JMJ was looking for a buyer after failing to work out new loan terms.

“She told us earlier this week they had tried to renegotiate the loan and were in the process of looking to sell (the shopping center),” Menzer said. “They’d sought a loan modification and it hadn’t gone well and a company was considering buying it.”

Michael Kohen, a principal at JMJ Properties, did not return phone calls Friday or Tuesday seeking comment. No one answered the office phone or office door at JMJ’s leasing office in the shopping center Tuesday. Attempts to reach Macijeski by cell phone Friday and Tuesday were not successful.

The Dundalk Renaissance Corporation is located in the shopping center and Menzer said many tenants in the 90-plus-year-old shopping and apartment complex have heard rumors about a possible sale. They're worried, she said, about the possible effects.

“I know businesses and residents are concerned about rents going up,” Menzer said.

The shopping center has about 20 business, 60 apartments and approximately two dozen office spaces among six buildings.

Rebecca Knellinger, owner of Village Coffee & Tea in the shopping center, said that she had heard rumors of a potential sale, but nothing definitive from JMJ.

“I’d just like them to be upfront, and tell the business owners what is going on, so we can be prepared,” Knellinger said. "It's frustrating."

JMJ purchased the bulk of the buildings and parking lots on the shopping center site for $3.7 million in 2005. Baltimore County officials offered $2 million in loans and grants to help the company overhaul the old, underused retail, office and apartment strip, according to a Baltimore Sun story at the time.

County officials have not yet been notified that a sale has taken place, said Fronda J. Cohen, a spokeswoman with Baltimore County. There is a requirement that county be notified should a sale be finalized, she said.

“The property owner is not required to notify the County should he be selling the property,” Cohen wrote in an e-mail. “Because the County provided a loan to help with the extensive renovation of the Center, the County would have to be notified if the property is actually sold.”

Rev. Msgr. John L. FitzGerald, of the Apostleship of the Sea, Stella Maris, International Seafarer Center -- which is also located in the shopping center -- said he has heard rumors the shopping center is for sale.

“That’s what we’ve been hearing, but we haven’t had any communication from JMJ,” FitzGerald said. “We don’t know why. We don’t know when, but I have heard it is for sale.

Amy Middleton, administrative director for the Apostleship of the Sea center and former consignment store owner in the shopping center, also said she's heard talk about a possible sale.

“We’ve heard about it from a couple of different sources,” Middleton said. “We haven’t heard anything formal. We’d love to stay here and work with any landlord that comes in.”

Joel Morgan, who is opening a new Tex-Mex restaurant in the shopping center and recently signed a one-year lease. He said he sought a longer-term lease, but JMJ wouldn't agree to a longer agreement. Morgan also said he heard rumors about a potential sale from a former shopping center maintenance employee. However, another maintenance worker dismissed that report, Morgan said.

Magdy Elghannan, owner of the new California Pizza and Restaurant  in the shopping center, said he recently signed a 14-year lease. He’s confident his restaurant will thrive sale or no sale and that’d he consider buying part of the building himself, if necessary.

Storefront turnover, the lack of a supermarket, and vagrancy and trash issues have beset the shopping center. Some question the wisdom of having an adult daycare facility taking up a large chunk of potential retail space in the middle of the shopping center.

“My hope is that a new owner is well-funded and will make it (the historic shopping center) more of a priority,” Menzer said. In the short-term, she said, a sale could have a negative impact on businesses. In the long-term, a change may be necessary, she said.

 Del. John Olszewski, Jr., who lives near the shopping center in the St. Helena’s neighborhood, said he’s heard rumors of a potential sale as well. He thinks the shopping center has stalled after it’s initial renovation.

“What I’ve heard is that they’re looking for a buyer, that’s common knowledge at this point,” Olszewski said. “But I have not gotten confirmation [from JMJ].

“We certainly need progress there,” Olszewski continued. “I think the progress that happened at the outset hasn’t continued. Something needs to be done about upkeep, trash and people hanging around, in my opinion.”

Whether a possible sale will be positive or negative for the shopping center and surrounding community remains to be seen, Olszewski added.

“It’s all depends on who the new owners are.”