Baltimore Office Trades for $9M

BALTIMORE-A real estate company located in Edgewater, MD has acquired a Baltimore mixed-use office building for $9.3 million. The Brick Cos. acquired the 45,000-sf building, which is a renovated historic five-story building in the Fells Point neighborhood from a local firm, Union Box Co. Bo Cashman and Jonathan Beard of CB Richard Ellis represented the seller in the transaction.

At $205 per sf, this was one of Baltimore’s highest trades, Beard tells GlobeSt.com. Despite the aggressive pricing, he adds, the buyer still viewed it as a bargain–compared to other cities in the Mid-Atlantic. “Increasingly we are seeing investors from outside Baltimore swoop in and buy these assets,” he says. According to Beard, almost every asset they have sold in Baltimore this year has been to a company or investor from outside the city. This was Brick Cos.’ first acquisition here, he adds. “They keyed in on the building right away and went after it very aggressively.”