This Week's Baltimore Deal Sheet
Baltimore-based Tide Capital Realty purchased the Reisterstown Road Plaza shopping center from Kite Realty for $48.3M in November, according to property records.
Indianapolis-based real estate investment trust Kite Realty reported in filings with the Securities and Exchange Commission that it lost $6M on the deal, according to the Baltimore Business Journal, which first reported the sale.
The Maryland Department of Assessment and Taxation recorded the property sale at 6564 Reisterstown Road as 17 individual transactions between the seller, Reisterstown Plaza, and the buyer, listed as TRC RRP I, TRC RRP II and TRC RRP IV.
The property totals 610K SF and has 104 stores, according to LoopNet. Tide Realty Capital founder Aaron Loeb told the BBJ the property is 70% leased, including 250K SF occupied by state agencies. It has Home Depot and Giant as anchor tenants, plus Planet Fitness, Burlington and a host of smaller shops and restaurants.
DEVELOPMENT
Tuerk House, a nonprofit drug and alcohol abuse treatment system, plans to open a 44K SF facility in Baltimore’s Jonestown neighborhood in the next two years. In an interview with the Baltimore Business Journal, Tuerk House CEO Bernard Gyebi-Foster said his organization purchased a 44K SF warehouse at 311 N. Exeter St. for $1.7M. The nonprofit expects to spend $22M transforming the building into an 84-bed inpatient treatment center for pregnant women and adolescents 13 to 17.
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The city-owned Hilton Baltimore Inner Harbor hotel faces “catastrophic structural failures” if the building’s pipes aren’t replaced soon, The Baltimore Banner reports, citing new financial filings and a 2018 lawsuit. Earlier this month, the Board of Estimates approved a $1M grant to help cover the hotel's bills. The hotel was financed using city bonds and has struggled financially since opening. The hotel’s construction was also unpopular with baseball fans because it blocked views of the city’s landmark Bromo Seltzer Arts Tower from Oriole Park at Camden Yards.
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Towson residents have launched efforts opposing developer Caves Valley Partners’ proposal to build a 600-unit apartment complex on Luskin’s Hill before the developer has even presented plans to the community, WMAR-TV reports. The developer’s plans included building three five-story buildings with a mix of one-, two- and three-bedroom units, two parking garages and a pool.
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Henry Shofer, the owner of a former Shofer’s Furniture Clearance Center in south Baltimore, has asked Baltimore’s Commission for Historical and Architectural Preservation for permission to demolish the building to clear the way for an unspecified project, Baltimore Fishbowl reports. Shofer’s application seeks the commission’s approval to raze five buildings, including the former furniture store at 930 S. Charles St. in the Federal Hill Historic District.
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The developers behind The Mill on North, part of the Walbrook Mill apartment and retail development on North Avenue by Coppin State University, want to build a food hall and market as part of that project, WMAR-TV reports. Meldon Dickens of Coppin Heights Community Development Corp. told the television station he envisions a market similar to other successful projects in the city, such as R. House in Remington and Belvedere Square Market in Govans.
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The West North Avenue Development Authority is offering $10M in grants to subsidize residential and commercial development in that portion of West Baltimore, Baltimore Fishbowl reports. The money will be used to revitalize the area with new housing, retail and green space.
PERSONNEL
St. John Properties has hired Michael Royston as engineering manager. Royston's background includes nine years of engineering experience in commercial real estate and related industries. In his new role, Royston oversees and coordinates site design engineering projects conducted by third-party consultants and provides in-house engineering services.
