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Altus Realty Builds Out Baltimore Portfolio

BALTIMORE-The firm is acquiring its third building here, and is hopeful another $50 million in potential transactions will close in the next 12 months.

By Erika Morphy | Updated on November 19, 2007

BALTIMORE-Arlington, VA-based Altus Realty Partners LLC is closing on its third Baltimore acquisition in the next two weeks. The firm did not disclose the contract price for the 131, 800-sf former Mercantile Bank office and operations center, which is located in the Linthicum Heights submarket.

Terry Hindermann, principal at the firm, though, did tell GlobeSt.com that it will be investing some $3.5 million in renovations to transition the single-use building to a facility that could support multi-tenants as well as develop parking on part of the 18 acres that is included in the purchase. The firm is acquiring the building from PNC, which acquired Mercantile Bank.

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