This Week's Baltimore Deal Sheet
Kenwood Management Co. purchased a single-story, 19K SF office building in Ellicott City for $3.25M.
The 23-year-old property at 9011 Chevrolet Drive is fully leased, occupied and positioned on 2.5 acres of land, including a surface parking lot.
The Mackenzie Commercial Real Estate Services team of Owen Rouse and David McClatchy represented the seller, KMS Associates. The buyer was self-represented in the transaction.
“Despite the continuing negative headlines about rising interest rates and the purported toxicity of the suburban office asset class, tremendous opportunities persist for sellers and investors both locally and nationally,” Rouse said in a statement.
“Office as an asset class represents approximately 60 percent of the investable universe. After subtracting institutionally-owned assets in multifamily and industrial, as well as rarely-available retail assets, selected office investments can provide opportunities for smaller and private investors.
LEASES
Sister companies High Mark Construction and Strong Wall Construction leased 12,126 SF of office space at St. John Properties' 1,000-acre mixed-use development Greenleigh in the White Marsh section of Baltimore County. With a combined workforce of about 50 employees, the firms plan to move to 12 Irondale St. this summer. Bill Jautze of St. John Properties represented the landlord, and Paul Obrecht III of Blue & Obrecht Realty represented the tenant.
“Greenleigh continues to attract leading companies who are seeking a high-quality office setting within a vibrant, highly-amenitized community in order to create a desirable workplace culture,” Matt Lenihan, senior vice president of leasing for St. John Properties, said in a statement.
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A division of Baltimore-based The Cordish Cos. inked a lease with developer Caves Valley Partners to operate an upscale restaurant called Cece’s Roland Park in the Village of Cross Keys. The 7K SF restaurant will feature a curated outdoor patio in the Cross Keys east courtyard.
DEVELOPMENT
Merritt Properties started construction on White Marsh Interchange Park in Baltimore County. Merritt plans to build as many as nine one-story buildings totaling roughly 750K SF. The development is intended to meet the demand for light industrial space in the region, the developer said.
“Our first phase will provide flex/light industrial spaces and bulk opportunities for businesses searching for 3K SF to 167K SF,” Merritt's Whit Levering said in a statement. “We believe White Marsh Interchange Park will help companies with their employee recruitment and retention efforts due to its sought-after location and outdoor tenant amenities, such as seating areas, a walking path and lawn games.”
THIS AND THAT
Industry veterans Michael Singer and Micah Damareck launched a brokerage and consulting firm called Singer Damareck Real Estate. The company plans on catering exclusively to small and midsized businesses in the Greater Baltimore region.
Singer was previously an executive managing director at Newmark, where he spent seven years, and before that he spent 11 years with JLL, according to his LinkedIn page. Damareck was previously the chief relationship officer at two companies, Cole Roofing Co. and Gordian Energy Systems, according to his LinkedIn page.
"We designed SDRE from the ground up to solely serve business owners and company executives using real estate for their business operations. We put ourselves in their shoes, harness our extensive knowledge and treat them how we want to be treated. SDRE exists to offer the most creative, impactful, and unbiased guidance for our clients every time," Singer said in a statement.
