This Week's Baltimore Deal Sheet
Baltimore-based MCB Real Estate and its partners celebrated the start of construction on two buildings consisting of 2M SF of warehouse and logistics space at Curwood Logistics Center in Hagerstown.
P. David Bramble, managing partner of MCB Real Estate, touted the area’s potential and the existing demand for industrial space in the Hagerstown area. The region has a 3.8% vacancy rate for all industrial/warehouse product, he said in a statement, which shows significant demand in the area for development like Curwood Logistics Center.
“We are extremely optimistic about the leasing prospects for these buildings, based upon the continued strong demand among end-users for last-minute logistics requirements and the relative difficulty in acquiring and entitling shovel-ready sites in the state,” Bramble said.
Curwood’s backers, including Invesco Real Estate, Curated Development Group and Birchwood Capital Partners, expect to deliver the buildings in the fall of 2023. Both buildings, one totaling 1.7M SF and the other 300K SF, are being built on a speculative basis.
In the Baltimore area, MCB Real Estate is better known for its mixed-use projects, including ample retail development. MCB’s best-known projects include Yard 56 in Bayview, The Rotunda in Hampden and Northwood Commons near Morgan State University. Additionally, MCB Real Estate is expected to take control of the iconic Harborplace Pavilions once the properties clear receivership.
LEASES
Maryland’s spending board is set to approve a $12.13M monthly lease for the state’s department of health at the vacant Metro West Center building in the Westside of Downtown Baltimore. If approved, the deal with landlord Greene Street Ventures for roughly 450K SF would mark the largest lease the state has awarded as part of its decision to move agencies from the State Center development to office space downtown, the Baltimore Business Journal reports.
PERSONNEL
Affordable housing operator Fairstead has hired Sally Hebner, formerly of Columbia-based Enterprise Homes, as its chief financial officer. Hebner, a Loyola College graduate, has three decades of experience in real estate accounting and finance. Before joining Enterprise in 2005, Hebner worked as a director at the Rouse Co.
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The Greater Baltimore Committee, the region’s leading business advocacy group, has hired Mark Anthony Thomas to serve as the first CEO following its merger with the Economic Alliance of Greater Baltimore, according to the Baltimore Sun. Most recently, Thomas served as president of the Pittsburgh Regional Alliance.
THIS AND THAT
A Maryland Stadium Authority report to the general assembly found that only one of the prerequisites for the state to issue bonds for redeveloping the Pimlico Race Course site in West Baltimore has been met, according to Past the Wire. The report is the first of two the Maryland General Assembly expects to receive regarding progress toward transforming the Pimlico and Laurel Park sites.
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Lee & Associates, via its 501(c)(3) CompassionateLEE, has launched efforts to help victims of Hurricane Ian by soliciting financial donations and volunteer support to assist with cleanup and rebuild operations. CompassionateLEE provides assistance in the wake of global crises. Recent efforts include providing donations, clothing and supplies to people displaced by the war in Ukraine. Kate Jordan, a partner with Lee & Associates Maryland, serves as chairperson for CompassionateLEE.
