BALTIMORE, MD (August 2013) — Blue Ocean reported today that the company has, over the past week, through several affiliated entities, purchased three commercial properties in the Baltimore metropolitan area.
All three of the deals were negotiated separately, at different junctures over the past six months, with different brokers and sellers. It was only by chance that they all came together to close at the same time as they did.
The properties, which were cumulatively purchased for over $26,000,000.00, consist of a high-rise office building in downtown Baltimore, a former JC Penny big box anchor in the Woodlawn area, and a mid-rise office building in White Marsh. They are described in more detail below:
201 N Charles Street – Long Considered to be one of the highest performing office towers in Baltimore, 201 is a high-rise office building located in the central business district of downtown Baltimore, MD. Significant renovations in 2010 won the building LEED Gold status. 201 is one of only a few buildings in Baltimore to carry the coveted ribbon.
6901 Security Blvd. (Seoul Plaza) – At 180,000 SF, the former JC Penny big box retail center anchors the southern entrance to the Security Square Mall. Blue Ocean expects to attract several high quality retailers, both big and small, to the now mostly vacant and underutilized structure.
8211 Town Center Drive – The former William Scottsman building is almost 70,000 SF in size. The office building is located in the Baltimore County suburban neighborhood of White Marsh. It is adjacent to The Avenue and White Marsh Mall, with easy access to both I-95 and I-695, and MD Route 43. The building sits on over 3 acres of land with almost 200 parking spaces. The entire site sits immediately adjacent to I-95 and is visible to commuters from both northern and southern directions.
Jonathan Ehrenfeld, the company’s President was quoted “we are extremely excited about these acquisitions, which highlight our focus on high quality assets in core areas of both Baltimore City and County. We believe in the future of Baltimore, and are eager to continue our accelerated growth in the region.
With specific respect to Seoul Plaza and Town Center, we are proud that through devoting our resources and applying ourselves, we can add value and make significant contributions to these projects and by extension, the neighborhoods they are located and Baltimore as a whole. It wasn’t that long ago that both projects were prized assets for their respective communities. We believe they can contribute and be prized once again.”
About Blue Ocean
Located in Baltimore, MD, Blue Ocean is active in syndicating, purchasing and managing commercial real estate assets in the multifamily, office, retail and industrial sectors. The company was founded in 2004. Since that time Blue Ocean has grown its portfolio to 45 properties valued at overs $300,000,000. The Blue Ocean portfolio consists of nearly 3,500 apartment homes and approximately 2,000,000 square feet of commercial space.