Seawall Development purchased an industrial outdoor storage site and two warehouse buildings totaling 30K SF in Baltimore's Remington neighborhood for $5M.
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Prior to this deal, Seawall Development has invested a substantial amount in redevelopment projects surrounding the property at 2600 Sisson St. Those assets include Remington Row, R. House and Miller's Court.
Cincinnati-based First Transit Inc. uses the site for bus storage, repair services, and dispatch operations via contract with the Maryland Department of Transportation.
The developer has yet to say what it intends to do with the property. The industrial outdoor storage sector has increasingly drawn attention from large investors in the Baltimore area and nationally in recent years.
“Generally unimproved parcels located in urban areas, consisting of five to 25 acres in size, are part of a new asset class known as industrial outdoor storage or outdoor storage land, and are in extremely high demand among end users and investors alike,” said MacKenzie Commercial Real Estate Services Senior Vice President Daniel Hudak, who represented seller Sisson Trans LLC in the deal.
SALES
Nonprofit Helping Up Mission has purchased the historic Hendler Creamery building at 1107 East Fayette St. A previous owner left it a decrepit facade after long-stalled plans to build apartments at the site finally fell through, according to the Baltimore Business Journal.
FINANCING
Acres Capital Group provided an $83.7M construction loan to developer Goldstar Group to fund the construction and stabilization of the planned Residences at East Church project. Goldstar Group intends to build five multistory buildings at 605 East Church St. near downtown Frederick. Plans for the development call for building 350 apartments and 525 parking spaces.
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Parkview Financial has loaned $45M to an affiliate of Vivo Investments LLC to transform a former, two-tower hotel asset into 708 apartments in downtown Baltimore, the lender announced Wednesday.
The property, featuring buildings of 23 and 27 stories, previously housed a dual-branded Radisson and Holiday Inn hotel. The developer expects to deliver a mix of studio, one-, two- and three-bedroom apartments in late 2024. Baltimore-based Urban Design Group is the architect on the project.
“We believe that as renters get priced out of more expensive nearby cities such as neighboring Washington D.C., this project will attract young renters looking for like-new, but affordable units in a prime location of downtown Baltimore," Parkview Financial CEO Paul Rahimian said in a release.
LEASES
Partner Veterinary Emergency and Specialty Center has inked a deal with DLC Management Group and Acadia Realty Trust to lease 20K SF within Frederick Crossing, located at 7330 Guilford Drive in Frederick.
Frederick Crossing is a nearly 300K SF retail center anchored by Kohl's, Best Buy and Regency Furniture. Commercial real estate firm Edge represented the tenant in the transaction.
THIS AND THAT
A 10K SF music venue called Vibe recently opened in the Annapolis Town Centre complex, according to the Baltimore Business Journal. The club has space for 500 people standing or 250 seated.
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