This Week's Baltimore Deal Sheet
North Avenue Market Development LLC, a joint venture between nonprofit organizations, developers and artists, has purchased the iconic North Avenue Market in Baltimore's Station North Arts District for $3.25M.
North Avenue LLC's deal for the market at 10-30 W. North Ave. includes transferring a liquor license controlled by the property's longtime owners, Mike Shecter and Carolyn Frenkil.
The building has 57K SF of above-ground space and a 40K SF basement. The partnership that bought the property consists of the Central Baltimore Future Fund, Central Baltimore Partnership and Twenty-Two Lanes Development.
The new owners plan to launch a $30M renovation of the property using a variety of funding sources, including $4.8M in Maryland Revitalization Historic Tax Credits. As they advance the renovation project, the owners are also working with interim tenants to activate the building, including Mobtown Ballroom & Café, The Club Car Baltimore and Baltimore Youth Arts.
“In Baltimore City, redevelopment projects such as North Avenue Market are very challenging. It will take time and support from both the public and private sector for us to secure the necessary financing and leasing commitments,” John Renner, manager of Twenty-Two Lanes, said in a statement. “In the meantime, we are investing significant time, energy and money into activating the building as it allows us to test concepts that could be part of the future development.”
SALES
Shipping firm Distribution By Air, part of Radiant Logistics, has purchased a 66,590 SF warehouse and distribution center in Hanover for $13M, Commercial Observer reported, citing a LinkedIn post from MacKenzie Cos. broker Adam Reeder. MacKenzie Cos. hasn't officially announced the deal.
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Alterra IOS purchased a 5-acre property at 7121 Dorsey Run Road in Elkridge for an undisclosed amount and plans to lease it for industrial outdoor storage space. The property includes a mix of paved and graveled yard space and 13K of shop and office space. According to property records, the asset was last sold to K&J Holdings Inc. in September 2019 for $4M.
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The mixed-use Forest Park Apartments and Retail property in northwest Baltimore has sold for an undisclosed amount, broker Harbor Stone Advisors announced Monday. The asset includes eight residential units and seven commercial units. Property records show Bowie-based Zytia LLC purchased the property for $750K in late January. Harbor Stone Advisors' Justin Verner, Brooks Healy and Tom Wohlgemuth represented the buyer and the seller.
LEASES
Grocery Outlet Holding Corp. has inked a lease as the new anchor tenant at the planned KIC Shopping Center in Kent Island. Grocery Outlet has over 400 stores nationwide and serves over 1.5 million shoppers weekly. KIC Shopping Center is expected to open in mid-2025, according to developer The Reliable Group. The project includes 16K SF of contiguous retail space, three restaurant sites and a three-story independent living building. Hyatt Commercial Senior Vice President William Steffey represented the property owners in the deal.
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Skyline Technology Solutions, a full-service IT company serving the public and private sectors, has signed two leases with St. John Properties totaling nearly 45K SF at Aviation Business Park. Skyline renewed its corporate headquarters lease totaling 28,753 SF of office at 6956 Aviation Blvd. Additionally, the firm inked a lease for the 16K SF flex/research and development space at 6958 Aviation Boulevard. CBRE's Mike Roden represented the tenant, and St. John Properties Lacey Johansson represented the landlord in both deals.
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Manufacturer Evapco Inc.'s plans to expand its headquarters in Towneytown by 45K SF have been approved. This is the second time in the last decade the company has expanded the facility. The company intends to build out the facility at 5151 Allendale Lane during the next two years to accommodate 275 additional workers.
PERSONNEL
Baltimore-based real estate investment and management company Continental Realty Corp. has hired Kristin Perry as leasing manager for its commercial division. Perry, who previously worked as director of leasing for Hughes Development Corp., has more than 23 years of business and real estate experience.
