This Week's Baltimore Deal Sheet
Houston-based Triten Real Estate Partners continued its expansion into the Baltimore-area industrial outdoor storage market with the purchase of a 10-acre site at 2150 Northbridge Ave. in Baltimore.
Triten principal Danny Coffman declined to disclose the sale price of the property, which public records show last sold for $3.43M in 2019. This marks at least the third industrial acquisition in the Baltimore market by Triten in the past few months, including the purchases of 1205 68th St. and 11235-11239 Philadelphia Road.
“This opportunity, located in the heart of the Curtis Bay terminal, is attractive to a variety of users and makes a great addition to the Triten portfolio,” Coffman said in a statement. “Sites that can be utilized for IOS in the near-term and also have long-term development potential are hard to come by."
Cushman & Wakefield's Tyler Boykin and Oliver Fryer represented Triten, while CBRE's Ketch Secor represented the seller, Greenwood Recovery.
The property is zoned for maritime industrial uses and located on the Fairfield Peninsula near Wagner's Point, one of the Port of Baltimore's top roll-on/roll-off cargo terminals.
According to Triten, the recent expansion of the Port of Baltimore's Seagrit Terminal and additional roll-on/roll-off cargo capacity at Tradepoint Atlantic has slowed demand for roll-on/roll-off cargo storage. As a result, the property at 2150 Northbridge Ave. offers a rare opportunity for industrial development in the land-constrained market.
SALES
A 28.7K SF industrial property at 508 Digiulian Blvd. in Glen Burnie sold to Schuster Construction Concrete for $4.1M, according to the seller's broker, Marcus & Millichap.
The property is located near Baltimore/Washington International Airport and provides access to Interstate 97 and Route 100 in the Baltimore-Washington corridor. The corridor has experienced an imbalance between supply and demand due to a lack of available property with industrial zoning.
“The industrial market around BWI Airport continues to remain strong despite recent economic headwinds," Marcus & Millichap associate Bryan Herr said in a statement. "Land scarcity and strong market fundamentals for industrial properties continue to allow us to achieve strong pricing for our clients."
Mahli Properties sold the property to Schuster Construction Concrete, which intends to occupy the building, according to Marcus & Millichap. Schuster Construction Concrete lists its home as Owings Mills.
According to state land records, the property at 508 Digiulian Blvd. last sold in 2006 for $3.1M. Before that, the property traded in 1998 for $700K.
LEASES
Timonium-based Hill Management Services Inc. signed three new retail tenants at Bel Air Plaza, a 160K SF neighborhood shopping center at 513-599 Baltimore Pike in Bel Air. The new retailers, Crumbl Cookies, Honeygrow and The Joint Chiropractic, leased more than 5,700 SF combined.
DEVELOPMENT
The Maryland General Assembly is poised to approve $25.7M for improvements at the aging Baltimore Convention Center, the Baltimore Business Journal reported. The funding bill is working through the state legislature as the 90-day session draws to a close on April 10. However, the funds are well shy of the $1.5B boosters say is needed to complete an overhaul of the convention center.
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Alan M. Rifkin, the attorney representing Pimlico Race Course and Laurel Park operator Stronach Group, said a deal to revamp those horse racing facilities remains in doubt, according to the Baltimore Business Journal. The Maryland General Assembly approved funding to overhaul the tracks in 2020 to help keep the Preakness Stakes, the second jewel in horse racing’s Triple Crown, in Baltimore. Rifkin said parties hadn’t finalized legal documents cementing the deal. Rising construction costs are the primary obstacle to nailing down agreements to overhaul the properties, he said.
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Baltimore-based St. John Properties still believes in the viability of new office development and plans to begin construction on more than 1M SF of spec office and flex space across the country this year, the firm announced last week. The developer plans to construct five office buildings totaling 324.6K SF and 16 flex/research and development buildings, which can serve as office space, totaling more than 647K SF. St. John said its commitment to creating office space follows its national portfolio’s highest leasing revenue year in the company’s 50-plus-year history.
FINANCING
WesBanco closed a $24.6M refinancing deal for Greenberg Gibbons' Lidl-anchored Reisterstown Shopping Center. The deal comes as developers have struggled to find project financing amid rising interest rates and turmoil in the banking sector.
