Acquired from Exelon, site features 400 feet of water frontage, a deep water berth and bulkhead
Greenspring Realty Partners, Inc. (GRP), a Baltimore-based commercial real estate and investment company, has announced the acquisition of a 5.5-acre waterfront site located at 2105 Gould Street in Baltimore City for $3.525 million. The site, which contains the non-operational Gould Street Power Plant, features 400 feet of water frontage, a deep water berth and a bulkhead, was formerly owned by Exelon Corporation and is situated adjacent to the Port Covington development.
Within the past twelve months, GRP has acquired 30 acres of maritime-related waterfront properties including a liquid transfer terminal and a 12-acre waterfront site adjacent to Seagirt Marine Terminal in south Baltimore City which features 2100 linear feet of deep water berth space. David Baird, Michael Denise and Matthew Myers of Cushman & Wakefield represented the seller in this sales transaction.
“Since our acquisition of the Newgate Avenue waterfront properties several months ago, we have been engaged with numerous end-users interested in the site, which remains among the only locations in Baltimore that offers deep water berth possibilities as well as surrounding land,” stated Dan Flamholz, Principal of Greenspring Realty Partners. “Demand for waterfront sites far exceeds the supply across our region. This Gould Street acquisition will enable us to shift user interest to a comparable location in Baltimore City that is also suitable for the customized waterfront requirements we are fielding.”
Flamholz added that interest has surfaced from a wide variety of users involved in stockpiling operations with materials that need to be stored and shipped, logistics work, wastewater treatment and related maritime uses. The I-2 zoning, the heaviest industrial zoning in Baltimore, which provides manufacturing, processing, wholesale distributing and warehousing uses, has drawn interest from a wide range of industry sectors, according to Flamholz.
Featuring visibility from and direct access to Interstate 95, the Gould Street site overlooks the Middle Branch of the Patapsco River and is within close proximity to MD Route 295 and Interstate 895. The power plant, which was used to generate electricity for more than 100 years, was recently shut down by Exelon Corporation after initially starting operations in 1905 by the Baltimore Electric Power Company.
“As part of the long-range development program planned for Port Covington, the area will be significantly modernized and expanded through the surrounding highway infrastructure which will be beneficial to our Gould Street site,” Flamholz said. “The barrier to entry for strategically-placed waterfront sites with deep water berth opportunities in Baltimore remains at a record high.
“Waterfront property will always be scarce in our market and there is no replacement for this type of specialized location and, as a result, end-users will typically pay a premium to access it. The maritime and shipping industry is a significant economic driver and, given our transaction activity with and ownership of waterfront properties, our team is now positioned as a local expert and resource in this real estate product type,” Flamholz added.
More than 43 million tons of general cargo were unloaded at the Port’s public and private terminals last year, which eclipsed previous records, led by the handling of more than 850,000 cars and light trucks, which represents the highest of any United States port. Based on existing growth, the MPA indicates it will reach total capacity in 2030 unless additional space can be located for logistics operations. The Port of Baltimore is currently the fourth-fastest growing in North America.
The Baltimore-Washington, D.C. region is considered the fourth largest MSA in the country with more than ten million people in the Combined Statistical Area and approximately 40% of the US population can be accessed within a single-day truck drive.
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
