Asset on 1821 Portal Street is currently 100% leased to two tenants
The Goldstar Group has announced the acquisition of an 86,236 square foot industrial warehouse building located at 1821 Portal Street in Baltimore City for $7.6 million. The asset, positioned adjacent to the Dundalk and SeaGirt Marine Terminals and the Intermodal Container Transfer Facility at the Port of Baltimore, is currently 100% leased to two tenants. Jonathan Beard, Senior Vice President with CBRE and Justin Mohler, First Vice President with CBRE represented the seller in this transaction.
“This investment-grade asset will provide immediate long-term cash yields to our investor group, and we believe 1821 Portal Street contains every key fundamental to continue to increase in value throughout our ownership,” stated Michael Brodsky, CEO, The Goldstar Group. “High-quality industrial space in Baltimore City remains at a premium with end-users attracted to the Port of Baltimore’s nearby manufacturing operations.”
Constructed in 1986, 1821 Portal Street is occupied by Johns Hopkins Bayview Medical Center (23,650 square feet) as a medical health treatment center for adults, and Bacchus Imports (62,584 square feet), a company engaged in the import of fine wines and spirts which are subsequently distributed to customers throughout the Maryland, Delaware and Washington, D.C. marketplace. The building was partly renovated recently and is located within two miles from the Broening Highway interchange off Interstate 95, as well as the Holabird Avenue interchange off Interstate 895.
“This acquisition expands our relationship with Johns Hopkins and we expect both tenants to remain within the building for the foreseeable future,” Brodsky added, who is the Board Chair of the Heart and Vascular Institute at Johns Hopkins. “The building is in excellent condition, with no immediate need of property upgrades or improvements. Our plan is to renew and extend the current tenants and search for ways to improve the operational efficiencies from an asset management perspective.”
“Outside of our multi-family portfolio, we continue to seek commercial building opportunities to support our value-add strategy and add high-quality assets to our portfolio of more than one million square feet of commercial properties under ownership and management,” Brodsky added. “We remain particularly bullish on the industrial product category, especially in the Mid-Atlantic region.
The Goldstar Group is a privately-held firm strategically focused on commercial real estate investments and services on behalf of its clients and principals. Primarily focused in the Washington DC metropolitan area, Goldstar’s core capabilities include acquisitions, development, asset and property management, advisory services and capital markets transactions. Founded in 1995, Goldstar has more than 20 years of experience investing, developing and managing all classes of real estate and financial products on behalf of our clients. For additional information visit www.TheGoldStarGroup.com.
