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September 19, 2007

Baltimore co. to buy Point Lookout

A Baltimore company that develops and manages retirement communities plans to buy Point Lookout, the former MBNA corporate retreat in Northport.

Erickson Retirement Communities LLC plans to purchase the 387-acre property from Bank of America, which acquired it after it bought MBNA in 2005, according to VillageSoup.com.
John Erickson, the Baltimore company's CEO, declined to disclose the purchase price for the site, which includes eight main buildings, 106 log cabins and outdoor and indoor recreational facilities. The property is listed on Christie's Great Estates for $26.4 million.

Erickson said he hopes to complete the purchase this fall, possibly using it as an employee retreat and training center.

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