This Week's Baltimore Deal Sheet
St. John Properties purchased an office park near Baltimore Washington International Airport, and the firm said it intends to remain aggressive in acquiring properties despite economic factors slowing local investment sales.
The Baltimore-based commercial real estate firm bought Aviation Business Park, a three-building portfolio with 120K SF of office space from Adler Real Estate Partners. Cushman & Wakefield, representing the seller, listed the sale price as $13.3M.
St. John Properties said it intends to spend $1.5M to reposition the properties at 6956, 6958 and 6960 Aviation Blvd. by converting a portion of those properties to flex/research and design space. Planned upgrades include installing drive-in doors and adding loading capacity.
“As demonstrated by our recent acquisition activity, we intend to remain extremely aggressive throughout all market conditions for the search of value-add and stabilized assets that complement our existing portfolio,” Sean Doordan, St. John Properties’ executive vice president of leasing and acquisitions, said in a statement.
“We believe compelling opportunities exist in all asset classes, both regionally and nationally, and our team is actively identifying and pursuing new acquisitions," Doordan added.
DEVELOPMENT
Baltimore-based Greenberg Gibbons is planning a massive mixed-use development on the east side of Frederick, the Frederick News Post reported. The developer has proposed 1,260 residential units and as much as 130K SF of retail on roughly 65 acres at the former Frederick Brick Works site.
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Baltimore County Executive Johnny Olszewski laid out his plans to provide more affordable housing on Thursday, WYPR reported. His proposals include a $16M trust fund and allowing developers to build 16-foot-wide townhomes. The county currently requires those structures to be at least 20 feet wide.
LEASES
Baltimore-based Under Armour inked a deal with Thor Equities Group to open a retail store on Fifth Avenue in New York. The news comes roughly three years after it abandoned previous plans to open a flagship store in Manhattan as its business sagged amid the coronavirus pandemic.
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Anne Arundel County Executive Steuart Pittman opted to end the Veterans Compost lease on a property in Lothian, the Baltimore Sun reported. Environmental advocates objected to the project due to concerns over truck traffic potentially eroding a cover tamping down asbestos contamination nearby. Aberdeen-based Veterans Compost estimated it invested as much as $500K in studying traffic patterns and preparing the property for composting.
FINANCING
KeyBank Community Development Lending and Investment provided a $100M bridge loan enabling San Diego-based Fairfield to purchase the Villages at Marley Station in Glen Burnie. Fairfield intends to convert the 757-unit complex into an affordable housing development for households earning 60% of the area's median income.
PERSONNEL
Cordish Gaming Group appointed Ryan Eller as executive vice president and general manager of Live! Casino & Hotel Maryland. Eller, a graduate of the U.S. Naval Academy and Harvard Business School, will oversee the day-to-day management and operations of the property that attracts more than 10 miillion visitors yearly.
