Continental Realty Acquires Waterfront Mixed-Use Property in Baltimore for $21M
Continental Realty plans to invest $2 million to upgrade Brown’s Wharf’s building systems and interior common areas, as well as build a new marina.
BALTIMORE — Continental Realty Corp. has acquired Brown’s Wharf, a 104,000-square-foot mixed-use property situated along the Fells Point waterfront in Baltimore. The Baltimore-based firm purchased Brown’s Wharf from Hunt Investment Management for $21 million. Located at 1615-1637 Thames St., Brown’s Wharf was 77 percent leased to retail and restaurant tenants such as Barcocina, CFG Community Bank, 7-Eleven, Fells Point Surf Co. and aMuse of Fell’s Point. Office tenants include Johns Hopkins University affiliate Jhpiego. Jay Wellschlager and Andrew Finkelstein of JLL represented the seller in the transaction. Continental Realty plans to invest $2 million to upgrade the building systems, interior common areas and build a new marina. The company is joint venturing with Baltimore-based WorkShop Development, and Doug Schmidt, Richard Manekin and Neil Tucker of WorkShop Development will oversee the day-to-day operations and execute the partnership’s redevelopment plans for Brown’s Wharf. David Strouse of Birchwood Capital arranged acquisition financing through PNC Bank on behalf of Continental Realty. Robert Manekin, Tony Gross and Peter Jackson of JLL will provide office leasing brokerage services at Brown’s Wharf.