This Week's Baltimore Deal Sheet
Sam's New and Used Tires purchased a single-story, 8,500 SF retail and medical office building at 10701 Baltimore Ave. in Beltsville for $2.08M, according to the seller's broker, MacKenzie Commercial Real Estate.
According to the broker, ADP Beltsville 12 LLC sold the 41-year-old building that includes a surface parking lot that can hold more than 30 vehicles. It also features a mezzanine area with visibility from Baltimore Avenue.
State property records don't list previous sale prices but show the asset transferred to the seller in 2013 from a trust that had owned it since 1996.
MacKenzie's Chris Bennett, Allison Perry and Adam Nachlas represented the seller in the deal.
“Owning this building provides Sam’s New and Used Tires the opportunity to build equity in an asset, and this project was the perfect size and in the ideal location to provide expansion and additional visibility," Nachlas said in a statement. "There remains a limited supply of single-user buildings of this size in the marketplace, and the new owner immediately seized the asset when presented with the opportunity.”
PERSONNEL
Ports of America said Wednesday it hired Mark Schmidt as vice president and general manager of its Port of Baltimore location. Schmidt has held various positions with the firm during his 30 years working on Baltimore’s waterfront.
Schmidt's experience includes positions in management, operations, and commercial expansions that bolstered capacity at Seagirt Marine Terminal’s fourth berth. Those upgrades include installing eight Neo Panamax cranes and dredging two 50-foot-deep berths required to serve two Neo Panamax container ships simultaneously.
THIS AND THAT
Developer Ernst Vallery, responsible for several prominent projects in Baltimore, and Wells Fargo settled a discrimination suit filed against the bank, according to the Baltimore Business Journal. Vallery sued the bank after a branch manager declined to deposit a $3M check. Both sides indicated they'd agreed to resolve the case outside of court.
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Baltimore's CFG Bank Arena celebrated the completion of over $200M in upgrades to the aging facility by hosting a concert by Rock & Roll Hall of Fame member Bruce Springsteen and the E-Street Band on Friday. According to the Baltimore Fishbowl, the arena's official opening sparked optimism among downtown businesses that have struggled as the venue underwent renovations and office vacancy climbed in the city's traditional central business district.
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Baltimore residents protested the renewal of four liquor licenses at city establishments, including the permits of well-known businesses the Lithuanian Hall in Hollins Market, Mo's Seafood in Little Italy and Sangria in Mount Vernon, according to the Baltimore Banner. Baltimore's Board of Liquor Commission is in the process of reviewing the status of Baltimore's 1,100 liquor licenses.
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Members of The Johns Hopkins Club said they are worried about the future of the private on-campus establishment, the Baltimore Sun reported. The university shuttered the club, which dates back to 1899, in 2021 amid the coronavirus pandemic. However, club members said they are worried about its future despite promises from the university it will have an opportunity to reopen in its longtime space next to the president's house once renovations to the building are complete.
