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NY Investor Grabs East Baltimore Industrial Site

2 Sep 2015, 9:01 am

By Adrian Maties, Associate Editor

CBRE Q2 IndustrialA New York City-based investor has expanded its Baltimore presence with the recent acquisition of a warehouse site.

SK Realty Management is now the new owner of the property located at 3501 E. Biddle St., in East Baltimore. The investor paid $19 million for the asset in a deal brokered by CBRE, according to the Baltimore Business Journal.

The 36-acre property consists of three industrial buildings, with almost 200,000 square feet of space, and is fully leased to three tenants: GAF, Tennant Truck Lines and S.H. Bell Co. According to PropertyShark, the property’s current market value is $4.1 million. BTR Biddle LLC, the former owner, purchased the asset in 2007 for $3.15 million.

Sam Kirschenbaum, CEO of SK Realty, told the news source that the $19 million price was reasonable and that the existing tenants convinced him to acquire the industrial site. Kirschenbaum also said that his company will hold on to the asset on the long term.

According to a CBRE industrial market report for the second quarter of 2015, the overall vacancy rate in Greater Baltimore decreased to 9.1 percent from the previous quarter, thanks to 569,750 square feet of positive absorption. As a result, the overall asking rent increased slightly, reaching $5.7 triple net per square foot per year.

Chart courtesy of CBRE

Baltimore Apartments Attract Even More Investors

26 Aug 2015, 7:33 pm

By Adrian Maties, Associate Editor

An out-of-state investor has taken its first steps in Baltimore with the acquisition of an apartment building located in the city’s downtown. Los Angeles-based MF Asset Management is now the new owner of the former YMCA building at 300 N. Charles St.

The buyer paid $5.9 million to acquire the asset from Gala LLC, according to the Baltimore Business Journal. The asking price was $6.5 million. Justin Verner, senior advisor at Sperry Van Ness, brokered the deal and represented the seller in the transaction.

PropertyShark reports that the 42,255-square-foot property was originally constructed in 1875. It houses 36 apartments and its current market value is about $3.7 million. The apartment building previously changed hands in 2000, when Gala LLC purchased it from Savannah Development for $380,220.

Reuven Gradon, who partners with MF Asset Management to identify potential acquisitions, told the Baltimore Business Journal that the Los Angeles-based company intends to continue to do business in Baltimore. Their plan is to find distressed assets and turn them around.

Investors are currently showing a lot of interest for apartment properties located in and around Baltimore. Just a few days ago, Stephen Ferrandi, president of Maryland Land Advisors, announced that he has brokered the sale of 192 apartments in Aberdeen. Steve Weinstein’s Village Development purchased the site for $5.5 million from Beards Hills Investors.

Baltimore, A Startup Alternative to NY & San Francisco

26 Aug 2015, 7:17 pm

By Adrian Maties, Associate Editor

Would you like to have your own startup? I know I would. There’s nothing better than being the boss of a successful company. But which is the best place to launch a startup? If you’re thinking only about San Francisco or New York, you’re limiting yourself.

At least that’s what Entrepreneur believes. According to an article published earlier this month on the magazine’s website, places like Salt Lake City, Nashville, Kansas City or even Baltimore can provide you with the infrastructure and skilled work forces that can match more established locations, but at a fraction of the cost of living and with less stress.

Baltimore is number two on the list, following Salt Lake, but the numbers published in the article report that it beats Utah’s capital in all but one category: unemployment. Salt Lake’s unemployment rate is 3.5 percent, while Baltimore’s is 5.7 percent. In spite of this, Charm City has a larger population (2.7 million), a larger median household income ($68,455), a lower median home price ($223,100) as well as a larger percentage of college graduates (36 percent).

According to Entrepreneur, Baltimore is best for education. The city, which has the third-highest spending per pupil rate on an annual basis out of all the large U.S. school systems by enrollment, is home to Johns Hopkins University, named the best graduate school for studying education by the U.S. News & World Report. Baltimore regularly plays host to events to connect entrepreneurs with educators, and has now turned into a hub of education-focused companies, luring ed-tech startups such as Citelighter. Additionally, Baltimore teachers are described as entrepreneur-friendly, willing to test out new tech and ideas in classrooms.

What do you think? Will you pick Baltimore as the home of your new startup? Let us know in the comments below!

St. John Properties Lands Important Tenant at the BWI Technology Park

25 Aug 2015, 3:15 pm

By Adrian Maties, Associate Editor


BWI Technology Park 1

St. John Properties has signed another tenant at the BWI Technology Park in Anne Arundel County. Crown Castle USA, one of the largest manufacturers of infrastructure systems to support wireless carriers, will occupy 15,000 square feet of space at 513 Progress Drive.

The Houston-based company’s new home is a single-story R&D/flex building with 42,000 square feet of space. It is one of 14 office and R&D/flex buildings at BWI Technology Park I, a 586,500-square-foot business community located on 97 acres of land, in the Linthicum Heights section of Anne Arundel County. Lacey Johansson of St. John Properties represented the landlord in the transaction, while Gary Applestein and Melanie Carrera of Colliers International represented the tenant.

Richard Williamson, senior vice president of leasing for St. John Properties, described Crown Castle as a “high-visibility organization” and said that signing it as a tenant represents a major win for his company. “BWI Technology is the business community of choice for a variety of end-users that require a strategic corporate position in middle of the Baltimore-Washington corridor, as well as immediate access to an international airport,” he explained in a statement. “We continue to attract companies from different industries to this park, including professional services, healthcare, high technology and defense contractors.”

Photo credit: St. John Properties

Local Developer Starts Work on Another Apartment Community in Greater Baltimore

24 Aug 2015, 3:53 pm

By Adrian Maties, Associate Editor

Avanti Luxury Apartments

Avanti Luxury Apartments

A Maryland-based developer and manager of apartment and townhouse communities is bringing almost 200 new apartments to Harford County. Peak Management has announced this month the start of construction for the Avanti Luxury Apartments, a new community in Bel Air.

Avanti will be located along Tollgate Rd., between Bel Air South Parkway and Plumtree Rd. It will feature 198 apartments in eight separate three-story, garden-style apartment buildings. According to the developers, the units will range in size from approximately 1,000 to 1,500 square feet. Avanti will also offer its residents a 5,500-square-foot clubhouse, with a fitness center, community room, business center and outdoor pool.

“Our team carefully studies the way consumers interact with apartment spaces, and Avanti Luxury Apartments was designed and engineered to address the busy and modern lifestyle of today,” Teresa Rosier, vice president of Peak Management, explained in a statement. “The floor plans and features reflect the maintenance-free and on-the-go style of living that we see emerging in the Harford County marketplace. In addition, the on-site amenities support the health-conscious consumer base that we envision as our target audience.”

The cost of the project was not disclosed. Peak Management started work on the community, which is located on the parcel formerly known as Evergreen Woods, in July. It expects to deliver the units in the summer of 2016. As part of the development agreement with Harford County, the developer is also building the stretch of Tollgate Rd. which will ultimately connect Plumtree Rd. to Bel Air South Parkway.

Photo credit: Peak Management

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