Posted on June 13, 2019
Three parcels recognized as one of two deep water berths in region that remains available for private use
Greenspring Realty Partners, Inc. (GRP), a Baltimore-based commercial real estate and investment company and The Berg Corp., a Baltimore-based demolition company, have announced the acquisition of a 12-acre waterfront site located at 4601 Newgate Avenue in south Baltimore City near the Seagirt Marine Terminal from Vane Brothers. The acreage, which consists of three separate parcels, is equipped with a 700-foot pier on the east side of the property and a 1400-foot pier on the project’s west side, in addition to surrounding land which is available for a build-to-suit warehouse or outside storage.
“Our initial interest in 4601 Newgate Avenue was predicated on its status as the only available deep water berth situated in the greater Baltimore metropolitan region, other than Tradepoint Atlantic,” stated Dan Flamholz, Principal of Greenspring Realty Partners. “Waterfront sites such as these become available for purchase on an infrequent basis, andthere remains an extremely high barrier to entry to gain control of such a strategic parcel with deep water berth capabilities and in close proximity to the Port of Baltimore.”
Recently, the Maryland Port Administration (MPA) revealed intentions to develop a 1.5 acre parcel at the Locust Point Marine Terminal for cargo handling operations in response to the need for increased capacity. 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.
“This site is configured to support the logistics operations for one or up to three separate users,” Flamholz added. “We have the option of demolishing the existing grain silos present on the site for new development activities, or enabling its use by a new tenant to take advantage of its capacity of handling more than four million bushels of grain.”
4601 Newgate Avenue is situated adjacent to Interstates 95 and 895. 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
Source: baltimore.citybizlist.com
