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Neighborhood Watch

Fells Point Brown Wharf Project Acquired for $21 Million


 

Here’s a news alert on the flip side of all the wonderful inexpensive Baltimore Victorians and potential bargain-basement investor homes that we’re regularly talking about as our new Hampden office gets close to completion.

The historic mixed use project known as Brown’s Wharf on Fells Point’s waterfront was acquired recently by Baltimore area investment group Continental Realty Corporation. The disclosed purchase price was $21 million. The project is made up of 104,000 sq. ft. of commercial office, retail and restaurant space and is located at 1615-1637 Thames Street directly on the waterfront.

The project has commercial tenants that are committed for the long-term. Over $2 million in fresh capital is being injected into the project as part of the acquisition in a move to upgrade the project’s building systems, interior common areas and add greater street presence.

Originally constructed in the 1800s and renovated and expanded in 1988, Brown’s Wharf consists of a three brick and stone buildings. It is currently 77% leased to a variety of local and regional businesses; retailers and boutiques; as well as a sit-down restaurant and bar. The project is situated on a 1.37-acre site that includes a 270-foot waterfront promenade. Construction of a new marina is planned. The largest tenant at Brown’s Wharf is The Johns Hopkins University, including Jhpiego and Cognitive Research. The restaurant anchor is Mexican-themed Barcocina. The other retailers are CFG Community Bank, 7-11, Fells Point Surf Company and aMuse of Fell’s Point.

“This is a landmark historic project selling for a strong value due to its location, the quality of the tenants and the potential of the Baltimore market,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “This same investment group has been making aggressive portfolio moves and also this week sold off 4 area apartment communities spread around the Baltimore market to another group.”

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