$30M Buys Historic Eight-Property Boxer Portfolio

BALTIMORE-In a deal valued at $29.5 million, ownership of an eight-building office portfolio in the city’s burgeoning Inner Harbor area has changed hands. A joint venture involving Bresler & Reiner Inc. and Richard Naing of RWN Development Group LLC acquired the 530,300-sf group of historic structures from Boxer Property, which purchased seven of the properties in 1998, and the final facility in 2000.

As part of the deal, the JV assumed a total of $23.5 million in existing debt on the buildings. The portfolio includes: the Equitable Building at 10 N. Calvert St., the Keyser Building at 207 E. Redwood, the Maryland Trust Building at 16 Calvert St., the facility at 301 N. Charles St., the Title Building at 102-110 St. Paul St., Brown’s Arcade at 322-328 N. Charles St., the Katz Building at 111 N. Charles St. and Cathedral Place at 300 Cathedral St..

Naing–who also heads up real estate services firm CB Richard Ellis’ Washington, DC Private Client Group–believes the joint venture’s purchase is timely in that the tide is about to change; investors who have had their eyes glued to Washington, DC, he says, will soon turn their attention to Baltimore.