NAI KLNB has brokered the sale of a Class “B” commercial office building situated at 9-11 E. Mt Royal Street in Baltimore City for approximately $3 million. The asset also includes an adjacent 8,000 square foot surface parking lot located nearby at 7 E. Preston Street. Abby Glassberg of NAI KLNB and Mike Ruocco of JLL represented the seller, Arthur and Gail Kaplan. The buyer, Zalco Holdings, was unrepresented.
Also known as “The Towne Building,” 9-11 E. Mt. Royal Street is a five-story 27,500 square foot office building that is located adjacent to the downtown campus of the University of Baltimore School of Law. Constructed in the early 1920s, it is currently 50% leased with an assortment of commercial office and retail tenants. The building is situated directly off an exit from Interstate 83 (Jones Falls Expressway) and is located just over one mile from the downtown core.
Francis X. Bushman, who starred in the silent movie Ben Hur in 1925, and was among the most famous Hollywood actors of his time, lived in the penthouse of the building. Bushman, who was born in Baltimore, also posed for the statue of Cecilius Calvert that is located next to the Mitchell Courthouse. It was also formerly used as a Packard car dealership, with car elevators attached to the exterior of the building.
“The new owner plans to stabilize this asset and review possible redevelopment strategies,” said Abby Glassberg of NAI KLNB. “Given its strategic location in Baltimore City, there exists numerous possibilities including a mixed-use configuration or high-rise residential.”
Founded in 1968, KLNB, LLC is composed of two real estate services companies: NAI KLNB, which focuses on the sale and leasing of commercial office, industrial and warehouse properties, and KLNB Retail, which specializes in the sale and leasing of retail properties as well as tenant representation. KLNB is a joint venture in Paragon Commercial Property Management, a full-service provider of commercial real estate property and asset management services. KLNB also formed a joint venture partnership with ColumbiaNational Real Estate Finance, LLC to create Arris Realty Capital, an entity that provides real estate financing options.
KLNB, LLC, headquartered in Towson, MD, provides a full range of integrated brokerage, sales, financial, investment and strategic advisory services to the commercial office, industrial and retail marketplace. The organization also has full-service offices in Columbia, MD; Washington, D.C.; and Tysons Corner and Dulles, VA. For additional information visit www.klnb.com.
