This Week's Baltimore Deal Sheet
A construction equipment company has sold a pair of industrial warehouse buildings in the Baltimore metro area for nearly $6M.
Greenspring Partners LLC purchased the building at 2300 Eskow Ave. in Halethorpe for $3.1M. According to broker MacKenzie Commercial Real Estate Services, the assets have 13K SF of industrial space on a 3.3-acre parcel.
Another buyer, identified in property records as 629 Philadelphia LLC, purchased 629 South Philadelphia Blvd. in Aberdeen for $2.8M. The previous owner used the 9,300 SF property to store heavy equipment. The asset also includes a fenced-in storage yard that can be used as industrial outdoor storage.
GT Mid Atlantic, which sells construction equipment and trailers, previously owned both properties. That company formed after Groff Tractor Holding LLC consolidated its locations in New Jersey, Maryland, Delaware and Pennsylvania following its acquisitions of Trico Equipment, Folcomer Equipment and CC&T.
“The outstanding interest for both assets is indicative of the continued high demand for assets of this size in the Baltimore region, as well as the rapidly-diminishing supply," MacKenzie Senior Vice President Daniel Hudak said in a statement. "The buildings are both contained near major highways and population centers and can be repositioned to satisfy the real estate needs for the next user."
SALES
Downtown Lofts, consisting of six luxury apartments above a ground-floor restaurant in Downtown Baltimore, sold for an undisclosed price, according to broker Harbor Stone Advisors.
According to state property records, the previous owner operated as 21 S. Calvert LLC and purchased the property in November 2015 for $325K. The most recent tax assessments valued the property at nearly $764K. S. Calvert LLC, according to Harbor Stone Advisors, completed gut renovations of the apartments in 2017. Brown Rice Korean Grill leases the ground-floor commercial space.
"The Downtown Lofts represented a mixed-use sale just a few blocks from Harbor Place," Harbor Stone Advisors Director Brooks Healy said in a statement. "Harbor Place's redevelopment was a key factor in the attractiveness of this asset."
LEASES
B.well Connected Health opened its first office in an 8K SF space at 145 West Ostend St. in Baltimore’s Stadium Square development. Approximately 45 of b.well's 120 employees plan to work from the space designed by Baltimore-based interior architecture and design firm The Verve Partnership.
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A Henson Development executive said a national grocery chain has signed a deal to open a 35K SF store in East Baltimore in 2025. Speaking to the Baltimore Business Journal, Henson Development principal Dana Henson declined to name the chain. But it would anchor Henson Development’s planned eight-story, 190-unit apartment project at Orleans Street and Central Avenue, expected to start construction next year.
DEVELOPMENT
MCB Real Estate Managing Partner David P. Bramble said his firm plans to overhaul Baltimore's iconic Harborplace in two stages, starting with an interim phase with short-term tenants, Baltimore Fishbowl reported. During a panel discussion organized by the Downtown Partnership of Baltimore, Bramble said his firm still isn't prepared to share its vision for redeveloping the two nearly vacant waterfront pavilions.
THIS AND THAT
Baltimore's spending board voted to ban New Jersey-based contractor Metra Industries from doing business with the city for two years, the Baltimore Sun reported. The ban is due to what the board called the firm's "utter disregard" for the city's requirements for hiring minority- and women-owned subcontractors.
