Lyneir Richardson, a Chicago real estate investor, has a contract to buy the Walbrook Junction Shopping Center in West Baltimore for $6.2 million. He looked at 10 shopping centers before making an offer on Walbrook, lined up capital and arranged financing. The deal is scheduled to close at the end of March. Usually there would be nothing much to see here, folks, just another commercial real estate transaction in the city of Baltimore.
But Richardson wasn’t satisfied with that. As he put it the other night in a phone call, he could just write a check and the deal would be done. Merely acquiring property is not his goal.
His passion, he says, comes from “inclusive ownership,” getting more people — and other Black people, specifically — to have a stake in the real estate in their neighborhoods, and particularly in their shopping centers.
He’s on a mission to counter the disinvestment that has taken place in cities like his own and Baltimore.