Cushman & Wakefield of Maryland Inc. recently arranged the sale of 300 East Pratt Street, a fully automated surface parking lot located in the heart of the Baltimore Central Business District. The price of the transaction was not disclosed.
Interpark Holdings, a private investor of parking assets in the United States, was the buyer. The Chicago-based company acquired the property from UrbanAmerica Advisors, LLC, which was represented by Cushman & Wakefield’s capital markets team of Cristopher Abramson, Brian Kruger, Nicholas Signor and Jonathon Chalkley, along with broker Courtenay Jenkins.
The News-American building was once located on the one-acre site at 300 East Pratt Street. The building was demolished in 1986 and, since then, the site was used as a parking lot. UrbanAmerica acquired it in 2006 for $27.5 million, and had planned to build a 50-story tower with 300 condos, 40,000 square feet of retail space and a hotel. However, the plans were scrapped when the recession hit.
The one-acre site bordering Baltimore’s Inner Harbor is now the last remaining parcel of land on Pratt Street, and Cristopher Abramson thinks it is one of the best development sites left in the state of Maryland. According to Cushman & Wakefield, it has the potential for approximately 600,000 square feet of development.
The future is looking bright for 300 East Pratt Street. After over two decades of planning, work could finally start on a project that will fill this vacant lot. According to The Baltimore Sun, a new apartment tower with retail space could rise at 300 East Pratt Street in the next four to six years.
Photo credits: Cushman & Wakefield