This Week's Baltimore Deal Sheet
Cross Street Partners and Beatty Development Group plan to redevelop a historic trolley barn in East Baltimore built in 1891.
The scheme for the overhauled Car Barn at 130 South Central Ave. includes a mix of potential uses for the 43K SF space. Prospective uses include coworking, office, restaurant, gym, retail and workforce training/development space.
“The Car Barn represents an incredible opportunity to create a one-of-a-kind space in a neighborhood that has long suffered from disinvestment," Cross Street Partners CEO Bill Struever said in a statement. "We’re excited to explore potential uses for the Car Barn that contribute something unique and valuable to this historic neighborhood."
The Baltimore-based developers expect to start construction on the project in the second quarter of 2024. The team aims to preserve historical features of the car barn, including portions of the exterior facade, exposed brick walls, historic windows and skylights. That plan also includes updating the building, its systems and the interior to ensure safety and accessibility for tenants and visitors.
The Car Barn overhaul is part of the more extensive redevelopment efforts of the Perkins, Somerset and Oldtown neighborhoods. These efforts are backed by a $30M Choice Neighborhoods Initiative grant via the Housing Authority of Baltimore City.
SALES
DNL 1825 Edison LLC purchased the roughly 16K SF Edison Industrial Center in northeast Baltimore for $1.275M. The property consists of warehouse, showroom and commercial office space at 1825-1829 Edison Highway. MacKenzie Commercial Real Estate Services' Patrick Smith, Andrew Meeder and Chris Boland represented the seller, Edison Commercial LLC. Matt Jackson of Greenspring Realty Partners represented the buyer.
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Harbor Stone Advisors orchestrated the sale of the midsized garden asset Ingleside Gardens in Woodlawn. After the seller received five offers, the 40-unit property sold for $4.4M. Harbor Stone Advisors President Justin Verner, Director Brooks Healy and Senior Advisor Tom Wohlgemuth represented the seller, Ingleside Gardens LLC. A joint venture between Zapolski Real Estate and ONC, which is a partnership with Javelin 19 Real Estate, Longford Management and Cove Investments, purchased the asset.
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The Acapella Italian Restaurant building at 2402 Pleasantville Road in Harford County is under contract for $672K, along with a 5% buyer’s premium, the Baltimore Business Journal reported. A.J. Billig Auctioneers conducted the sale via an auction that opened with a $400K bid.
DEVELOPMENT
David S. Brown Enterprises plans to build a new extended-stay hotel branded as Element by Westin at its Metro Centre development in Owings Mills. Crescent Hotels & Resorts, which manages the Marriott Owings Mills Metro Centre, will also manage the Element. The developer plans to break ground on the project this summer.
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Baltimore City Council approved a rezoning for a warehouse property at 810 Leadenhall St. from industrial to transit-oriented development. The decision clears the way for developer Douglas Schmidt to build a six-story, 165-unit apartment building incorporating the existing structure, Baltimore Brew reported. The building proposed by Schmidt and partners Richard Manekin, Todd Tilson and Neil Tucker is located in the Sharp-Leadenhall neighborhood, just east of M&T Bank Stadium and Oriole Park at Camden Yards.
THIS AND THAT
According to the office of U.S. Sen. Chris Van Hollen, the federal government will provide Baltimore Community Lending, a minority-owned Community Development Financial Institution, with $1M to support the renovation of the group's new Small Business Development and Resource Center and office headquarters.
