Locally-based real estate company elevates occupancy of buildings from 54% to 100% in 18 months
Greenspring Realty Partners, Inc. (GRP) has announced the disposition of 1780 and 1790 Union Avenue, which comprises 125,000 square feet of warehouse and industrial buildings located in the Woodberry section of Baltimore City for $5.05 million to XD2 Investments, LLC. Eighteen months ago, the Baltimore-based commercial real estate and investment company acquired the assets, which were 54% leased at the time of the purchase, for approximately $2.5 million. During its ownership, GRP executed leasing totaling more than 75,000 square feet of space to achieve 100% occupancy at the buildings.
“Our various activities with these assets demonstrates the breadth of experience and understanding of the local marketplace by our professional team,” explained Dan Flamholz, Principal and Co-Founder of Greenspring Realty Partners. “We first identified the value-add possibilities of these properties and acquired it below replacement cost. Our next step was to stabilize the structure and improve the asset management processes to achieve meaningful operational efficiencies. Securing long-term leases from strong, local tenants was the next phase, followed by the successful sale of the building. Each action was aided by our relationships in different industry sectors and overall market knowledge.”
In the past year, GRP concluded leases with the Baltimore Warehouse Collaborative (30,000 square feet of space); Anything Wood and Metal (15,000 square feet); ShareBaby (10,000 square feet of space) and Red Bull (4,000 square feet) among others. Baltimore Warehouse Collaborative is a non-profit umbrella organization comprised of the Maryland Book Bank, Leveling the Playing Field, and Bedtime in a Box, among others. Additional tenants at 1780 and 1790 Union Avenue include A Workshop of Our Own, Opal Matrix, Center Stage, Three Hens and Blue Ridge Auto.
“Among our continuing objectives is to search for and acquire value-add properties that satisfy our acquisition criteria, with a focus on flex or warehouse/industrial assets in markets with diminishing supply and a steep barrier to entry,” Flamholz added. “Demand among end-users for quality and well-located industrial/warehouse space located near major population centers remains extremely brisk, and we believe this product category shows the most viability in the long-term.”
Greenspring Realty Partners is a full-service commercial real estate and investment company specializing in the acquisition of opportunistic real estate investments. GRP selectively advises and provides sophisticated and comprehensive brokerage services including investment sales, landlord and tenant representation and development consulting services. For additional information please visit www.greenspringrealty.com
