This Week's Baltimore Deal Sheet
St. John Properties Inc. purchased Baltimore’s Triangle Business Park from Klein Enterprises, which said the sale is part of executing a strategy to focus on retail and residential holdings.
Triangle Business Park, located at 1500-1506 Joh Ave., straddles the line between Baltimore and Baltimore County. The stabilized property consists of four buildings with 74K SF of industrial flex space, and it is home to tenants including the YMCA and Breethe Inc.
The companies didn't disclose the sale price. Klein Enterprises, operating as FP Triangle LLC, purchased the city portion of the property in 2013 for $1.65M, along with the county portion of the property for an additional $1.24M, according to state property tax records.
“This sale aligns with our efforts to diversify our geographic exposure and further expand our residential and retail portfolio while capitalizing on the demand for flex space in the Mid-Atlantic region,” Klein Enterprises Chief Investment Officer Sean Garland said in a statement.
St. John Properties' acquisition of Triangle Business Park bolsters the firm's already sizable portfolio in and around the city's southwest corner, where the firm has over 1M SF within a 1-mile radius. The new owner also touted the property’s proximity to Baltimore Washington International Airport as a significant factor in making the deal.
THIS AND THAT
Landover-based grocer Giant plans to open its sixth Baltimore location — the first new grocery store in the city in a decade — on Friday. Giant’s new location is in the Southside Marketplace at 857 East Fort Ave. near Fort McHenry National Park, occupying 44K SF at the shopping center.
Timshel Development plans to transform a historic former funeral parlor on North Avenue into an arts hub with office and bar space called the Parlor. Developer John Renner has invested $2M in the project that includes a speak-easy concept and has a rear addition fronting the city’s famed Graffiti Alley, according to Baltimore FishBowl.
Baltimore’s urban design panel criticized Segall Group’s design for a proposed 155-unit apartment building on a minuscule lot in Hampden. The panel, according to the Baltimore Business Journal, told the developer and architect Peter Fillat the project’s concept needs to be scaled back.
St. John Properties promoted Ryan Schwabenbauer to assistant vice president, sustainability. Schwabenbauer, formerly the firm’s director of sustainability, has worked with St. John Properties since 2016. His role involves directing the company’s sustainability program, which is aimed at conserving energy and natural resources, developing and constructing environmentally friendly buildings and executing a sustainable plan for green architecture.
Towson-based Lee Chesapeake Property Management, Lee & Associates Maryland’s asset management affiliate, promoted Katie Harrison to director of operations. Her responsibilities now include negotiating and approving management contracts, supervising personnel and selecting contractors.