This Week's Baltimore Deal Sheet
The 524-room Baltimore Marriott Inner Harbor Hotel in downtown Baltimore has sold at auction to an undisclosed buyer for $18.3M, the Baltimore Business Journal reports.
Ten-X, an online commercial real estate auction platform, hosted the two-day process, which started on March 4 with an opening bid of $6M. The 340K SF building at 110 S. Eutaw St. sits steps from Oriole Park at Camden Yards.
The 39-year-old hotel last sold for more than $29.9M when Pratt Street Hotel LLC purchased it on July 30, 2019. State tax assessors estimated its value at $27.5M last year.
The hotel is one of several office and hotel properties that have sold at auction in recent months.
Despite the struggles some Baltimore hotels have faced, its tourism traffic has increased in recent years, climbing from 24.3 million visitors in 2021 to 26.7 million in 2022, according to quasi-public tourism agency Visit Baltimore. During the same period, visitor spending increased from $2.7B to $3.7B.
SALES
Ardent Co. LLC purchased a 3-acre site with a small commercial office building and covered storage structure at 1300 Defense Highway in Gambrills for $2.19M. Matthew Curran and Andrew Meeder, senior vice presidents and principals for MacKenzie Commercial Real Estate Services LLC, represented the seller.
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A 5.2-acre industrial outdoor storage property at 8230 Bletzer Road in Dundalk sold for $2.62M. Marcus & Millichap's Bryan Herr, Robert Filley and Arvin Gholamrezae represented the seller. MacKenzie Commercial Real Estate represented buyer Catalyst Investment Partners. According to property records, owner KLR Factoring LLC purchased the property in March 2005 for $900K.
LEASES
Taiyo Seafood has agreed to a 10-year lease for 40K SF at 3101 Washington Blvd. in Baltimore's Transit Business Park. The building features 23-foot clear ceiling heights, seven dock-high doors, one ramped drive-in door and 3,500 SF of office space. It also includes a truck court area enclosed by a fenced and gated perimeter. Colliers' Brian Watts, Brian Siegel and Jason Sullivan represented the owner, Clemenceau Logistics Assets LLC.
PERSONNEL
Baltimore-based Continental Realty Corp. promoted Rachel Lee to retail asset manager. Lee previously served as a leasing manager. Before joining CRC, Lee worked in asset and portfolio management roles at LaSalle Investment Management for nearly six years.
