This Week's Baltimore Deal Sheet
Washington-based industrial property investor Terreno Realty Corp. sold a fully leased asset near Baltimore Washington International Thurgood Marshall Airport in Hanover to an undisclosed buyer for $18M earlier this month, according to an announcement this week from Terreno.
Online property records don't yet reflect the Oct. 4 sale of the 13.4-acre property and 13K SF industrial building at 7479 New Ridge Road in Anne Arundel County.
However, records do show state assessors estimated in July the property and improvements were worth $7.9M. Terreno Realty Corp. purchased the property from Hertz Corp. in 2016 for $8.2M, records show. Hertz Corp. purchased the property for $1.6M in 2003.
The industrial building on the property is 100% leased to Dillon's Bus Service.
SALES
The Mercy Church of God purchased a roughly 9K SF office building at 4326 Mountain Road from KS&E Properties for $1.2M, according to broker Hyatt Commercial. The new owner intends to use the building as a church. Property records show seller KS&E Properties purchased the property in 1988 for $250K. Hyatt Commercial's George Shenas, Judith Neighoff and Justin Mullen represented the seller in the transaction.
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Axios Real Estate Group placed the historic Fells Point restaurant building at 1606 Thames St. on the market with a $3.3M price tag, the Baltimore Business Journal reports. The building is home to the restaurant Mezze and The Fells Point Tavern. However, the newspaper reports the eateries' parent company, Kali's Court LLC, filed for Chapter 11 bankruptcy this spring. The owner expects the eateries to cease operations once the building sells.
LEASES
Unified Women's Healthcare affiliate Capital Women's Care inked a lease with St. John Properties for more than 16K SF at the company's Maple Lawn development in Howard County. The group plans to use the three-story, 95K SF Class-A property at 8171 Maple Lawn Blvd. to house its gynecology and general obstetrics practice groups.
Capital Women's Care also intends to operate a wellness and medical spa in the building. St. John Properties Assistant Vice President of Leasing Bill Jautze represented the landlord in the deal. MacKenzie Commercial Real Estate Services Senior Vice President and Principal Joe Bradley represented the tenant.
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Crofton-based Titan Hospitality Group opened its second Blackwall Barn & Lodge location, this time in the Merriweather District in Downtown Columbia. The “locavore” — or locally sourced — concept operates in 12K SF in the Juniper residential building that features six dining spaces.
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The Fresh Market signed a lease to backfill space at Crofton Station in Gambrills left vacant after Maryland-based Giant Food departed for another shopping center in the area, the Baltimore Business Journal reports. The newspaper reports the grocer hopes to open in the 27K SF space by the end of next year.
DEVELOPMENT
Developer Westside Partners pitched plans to Baltimore's design advisory panel calling for constructing 302 apartments and 120 hotel rooms on city-owned property, Baltimore Fishbowl reports. This summer, Baltimore’s Urban Design and Architecture Review Panel approved Westside Partners’ proposal to demolish five properties — formerly part of the failed “Super Block” development — to make way for a new building near CFG Bank Arena.
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The Anne Arundel County Council is poised to debate a bill next month that requires all new residential developments of at least 20 units to include living spaces for residents who earn below the median income in the Baltimore area, the Baltimore Banner reports. Anne Arundel County Executive Steuart Pittman is pushing the "Essential Worker Housing Access Act" that mandates qualifying residential developments set aside 15% of units for residents earning less than 75% of the area median income.
