A Chicago retail brokerage firm is expanding, opening a new office in downown Baltimore. The
Sierra U.S. office will serve clients in the Mid-Atlantic, from Northern Virginia to Deleware, including Greater Baltimore and Washington, D.C., from its 2,000-square-foot office at 616 Water Street.
"There are pockets of Baltimore that are underserved," says Mark Mueller, a retail broker formerly with KLNB Retail pegged to head up Sierra's Baltimore office. Those pockets include Harbor East, South Baltimore, Howard County and Northern Baltimore County. The company's clients include Brazilian steakhouse Fogo de Chao, Advance Auto Parts, Bar Louie and CVS.
"There are so many tenants looking to come to Washington and Baltimore," he continues. "Sierra has a lot of tenants that want to expand."
While the office currently employs a staff of three, there are plans to hire as many as eight brokers. "We're looking for experienced brokers, wherever they are," Mueller says.
Things are picking up in the retail world as business owners start to take advantage of good rent deals. Retail rents, on average, are 25 percent cheaper than they were in 2007, according to Mueller.
Tenants that can serve a particular niche are looking to fill existing spaces. Restaurants that are expanding are mid-range, rather than high-end, are the ones looking to grow nowadays, Mueller says. "You won't see new shopping centers built from the ground up as financing is still difficult.".
In addition to the Chicago office, Sierra also has an office in Boca Raton, Fla. The company may open another office in Northern Virginia down the road, Mueller says.
Source: Mark Mueller, Sierra U.S.
Writer: Julekha Dash