This Week's Baltimore Deal Sheet
A partnership between Burley Church LLC and Pinefield South-Kodiak LLC purchased Baltimore's Church Square Shopping Center for $6.5M.
The 44K SF, 36-year-old shopping center at 923 North Caroline St. has 13 units and is 100% leased. Its tenants include Dollar General Plus, Citi Trends, DTLR and Hip Hop Fish & Chicken. The weighted average lease term remaining for all occupants is more than seven years.
“As evident by the quick lease-up at Church Square, and credit tenant interest, Baltimore continues to attract tenants from a local and national level,” KLNB principal of retail investment sales Chris Burnham said in a statement.
The property was anchored by Save-A-Lot, which once owned Church Square and vacated the site in 2020. The new owners divided the center's grocery box anchor unit into two major junior anchor tenants.
SALES
The owners of Fells Point landmark bar and restaurant Bertha's canceled a scheduled online auction to negotiate a sale, according to the Baltimore Business Journal. Bidding on the prominent three-story green building was scheduled to start at $750K.
LEASES
Bark Social, billed as a social club for dogs and dog lovers, is opening an indoor-outdoor space next to Merriweather Post Pavilion in Downtown Columbia.
The new location is Bark Social’s first in Howard County. Located in a 25K SF standalone building, Bark Social will include 5K SF dedicated to an indoor area and a covered patio section.
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The Baltimore Sun plans to move out of its Port Covington offices by the end of November, according to the Baltimore Business Journal. The roughly 500K SF industrial building at 300 East Cromwell St. housed the newspaper’s printing operations for decades and, starting in 2018, served as the newspaper's main offices after its former owner sold the publication's Calvert Street building downtown.
The move-out comes after the Sun's owner reportedly rejected a lease extension at the building. The newspaper hasn't announced a new headquarters, and it plans to have its staff work remotely until a new space is secured, according to BBJ.
THIS AND THAT
Beatty Development Group struck a deal with the city that increases the allowed density in the next phase of construction at Harbor Point in exchange for hiring more local construction workers, according to Baltimore Fishbowl. The developer agreed to a goal of hiring 30% city residents. In return, Council Member Zeke Cohen said he will sponsor amendments to the Planned Unit Development guiding building on the site.
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An unscientific poll by local NPR affiliate WYPR found its audiences dislike the decision to change the name of the massive redevelopment project at Port Covington to Baltimore Peninsula. Nearly 71% of Twitter poll respondents said they hated the change. Just over 10% said they loved the rebranding.
