This Week’s Baltimore Deal Sheet (March 3, 2023)

Houston-based Triten Real Estate Partners continued its expansion into the Baltimore-area industrial outdoor storage market with the purchase of a 10-acre site at 2150 Northbridge Ave. in Baltimore.

Courtesy of Triten Real Estate Partners

Triten Real Estate Partners bought the industrial property at 2150 Northbridge Road in Baltimore.

Triten Principal Danny Coffman declined to disclose the sale price of the property, which last sold for $3.43 million in 2019, according to public records. This is at least the third industrial acquisition in the Baltimore market by Triten in the past few months, including the purchase of 1205 68th St. and 11235-11239 Philadelphia Road.

“This opportunity, located in the heart of the Curtis Bay Terminal, is attractive to a variety of users and makes a great addition to the Triten portfolio,” Coffman said in a statement. “Websites that can be used for iOS in the short term and also have long-term development potential are difficult to achieve.”

Cushman & Wakefield’s Tyler Boykin and Oliver Fryer represented Triten, while CBRE’s Ketch Secor represented the seller, Greenwood Recovery.

The property is zoned for maritime industrial uses and located on the Fairfield Peninsula near Wagner’s Point, one of the Port of Baltimore’s premier roll-on/roll-off cargo terminals.

According to Triten, the recent expansion of the Port of Baltimore’s Seagrit Terminal and additional roll-on/roll-off cargo capacity at Tradepoint Atlantic has slowed demand for roll-on/roll-off cargo storage. Accordingly, the property at 2150 Northbridge Ave. a rare opportunity for industrial development in the land-constrained market.

SALES

A 28.7K SF industrial property at 508 Digiulian Blvd. in Glen Burnie sold to Schuster Construction Concrete for $4.1M, according to the seller’s broker, Marcus & Millichap.

The property is located near Baltimore/Washington International Airport and provides access to Interstate 97 and Route 100 in the Baltimore-Washington corridor. The corridor has experienced an imbalance between supply and demand due to a lack of available property with industrial zoning.

“The industrial market around BMI Airport remains strong despite recent economic headwinds,” Marcus & Millichap associate Bryan Herr said in a statement. “Land scarcity and strong market fundamentals for industrial properties continue to enable us to achieve strong prices for our clients.”

Mahli Properties sold the property to Schuster Construction Concrete, which intends to occupy the building, according to Marcus & Millichap. Schuster Construction Concrete lists its home as Owings Mills.

According to state land records, the property at 508 Digiulian Blvd. last sold in 2006 for $3.1 million. Prior to that, the property traded for $700K in 1998.

RENT

Timonium-based Hill Management Services Inc. has signed three new retail tenants at Bel Air Plaza, a 160K SF neighborhood shopping center at 513-599 Baltimore Pike in Bel Air. The new retailers, Crumbl Cookies, Honeygrow and The Joint Chiropractic, have collectively leased more than 5,700 SF.

DEVELOPMENT

The Baltimore Convention Center

The Maryland General Assembly is poised to approve $25.7M for improvements at the aging Baltimore Convention Center, the Baltimore Business Journal reported. The funding bill is working its way through the state legislature as the 90-day session ends on April 10. However, the funds are well shy of the $1.5B boosters say is needed to complete a renovation of the convention center.

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Alan M. Rifkin, the attorney representing Pimlico Racetrack and Laurel Park operator Stronach Group, said a deal to renovate those horse racing facilities remains in doubt, according to the Baltimore Business Journal. The Maryland General Assembly approved funding to renovate the tracks in 2020 to help keep the Preakness Stakes, the second jewel in horse racing’s Triple Crown, in Baltimore. Rifkin said parties have not finalized legal documents confirming the deal. Rising construction costs are the primary obstacle to nailing down deals to renovate the properties, he said.

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Baltimore-based St. John Properties continues to believe in the viability of new office development and plans to begin construction on more than 1M SF of spec office and flex space across the country this year, the firm announced last week. The developer plans to construct five office buildings totaling 324.6K SF and 16 flex/research and development buildings, which could serve as office space, totaling more than 647K SF. St. John said his commitment to creating office space follows his national portfolio’s highest rental income year in the company’s 50-plus year history.

FINANCING

WesBanco has closed a $24.6 million refinancing deal for Greenberg Gibbons’ Lidl-anchored Reisterstown shopping center. The deal comes as developers have struggled to secure project financing amid rising interest rates and turmoil in the banking sector.