Baltimore County's Changing Real Estate Landscape
With swanky new apartments, town centers and mixed-use developments, Baltimore County’s real estate outlook is undergoing massive changes. That’s why we’re excited to host Bisnow’s The Baltimore County Boom event Wednesday, May 18, at the Sheraton Baltimore North, starting at 7:30am. Three of the event’s speakers shared their companies' recent Baltimore County projects.
Atapco Properties purchased two adjacent Timonium office buildings in December from Corporate Office Properties Trust for $44.5M. Located on Padonia and Deereco roads, the fully leased buildings count PayPal and Tessco as their largest tenants, says Atapco president Kevin McAndrews.
The Baltimore real estate firm plans to enhance the buildings and add more office space to retain the tenants. Kevin says he can’t elaborate as discussions are ongoing and confidential.
(And, incidentally, Baltimore County is trying to woo PayPal’s global operations center, though Kevin says that deal is unrelated.)
Atapco may convert the 375 W Padonia Rd office building into a mixed-use development. Adding retail, restaurants, apartments, a hotel and more office space are all up for discussion, says Kevin, pictured in the Wyoming Rockies.
Chesapeake Realty Partners’ 46-acre site, Red Run Reserve, in Owings Mills will be converted from office to residential once the county approves the rezoning measure. Since the property is surrounded by a number of residential developments, it made sense to convert the area to housing. The plan would be to build 86 single-family villas, delivered in mid-2018, COO Josh Fidler says.
The Winthrop, Chesapeake Realty's 285-unit apartment complex near Towson Town Center mall, debuted in December. With high-gloss, contemporary finishes, including a two-story glass staircase and green wall with a water feature, “it screams downtown urban” and is at more than 90% occupancy, Josh says.
With space for new buildings scarce, the bulk of Greenberg Gibbons Commercial Corp’s efforts in Baltimore County are focused on redeveloping older properties, CEO Brian Gibbons says.
The Owings Mills firm is renovating the former Solo Cup Factory into the Foundry Row retail and office complex, anchored by Wegmans Food Markets. Wegmans recently announced that it will open Sept. 18 and hire 325 part-time workers for the store.
The site should be halfway completed by the end of the year and remaining by next spring, Brian says. Other tenants include LifeBridge Health, Bar Louie and Mission BBQ.
Greenberg Gibbons' $20M redevelopment of the Shops at Kenilworth will give the dated Towson mall a more contemporary urban feel. An 18k expansion will include a Belvedere Square-style food market and wine bar. Construction is underway on the Trader Joe’s, which will move from its Joppa Road location by Q1 2017.
In February, the company bought Reisterstown Shopping Center for $34.5M from Chesapeake Realty Partners and will likely spruce up the façade and add an another anchor or two to the existing Mars grocery store and Planet Fitness. The 167k SF site can hold another 24k SF.