The mixed-use Brown’s Wharf property in Baltimore’s Fells Point neighborhood has sold for $21 million.
Baltimore-based Continental Realty Corp. purchased the property, which consists of roughly 104,000 square feet of office space, retail and restaurant space. The new owner has engaged in a joint venture with WorkShop Development to redevelop the property.
“We consider Brown’s Wharf a one-of-a-kind and irreplaceable property in Baltimore city given its placement along the waterfront, and central location within an area that has been the recipient of a dramatic shift of energy over the past several years,” Ari Abramson, vice president of acquisitions of Continental Realty Corp., said in a statement. “The project brings strong value-add opportunities and an operational upside that we intend to achieve with over $2 million of fresh capital to upgrade the building systems, refresh the interior common areas and add greater street presence.”
Workshop Development, which has worked on other projects such as the Bagby Building, will handle the planned upgrades to the property. Brown’s Wharf dates back to the 1800s and was initially expanded and overhauled in 1988.
“We are excited to tackle the restoration of another iconic historic property in southeast Baltimore,” Doug Schmidt, principal of WorkShop Development, said in a statement. “Brown’s Wharf 1988 renovation was an important contributor to the revitalization of Fells Point. We expect our improvements in the next year will be part of the next wave of Fells Point’s growth.”
The property is currently 77 percent leased, and major office tenants include Johns Hopkins University. Retail tenants include Fells Point Surf Co., 7-Eleven and CFG Community Bank. The property also includes a 270-foot waterfront promenade, and redevelopment plans include building a new marina.
JLL’s Tony Gross, Peter Jackson and Robert Manekin will lead the office leasing brokerage.
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