Blue Ocean, Berg Realty and EML Partners enter into Joint Venture to Acquire Former Techalloy Manufacturing Facility
Blue Ocean is proud to announce the purchase of 2310 Chesapeake Ave, an 8 acre industrial site improved by a 75,000 SF warehouse. The 75k SF facility was formerly the home of Techalloy, a manufacturer of welding related products. Blue Ocean joint ventured with Berg Realty Partners and EML Partners in the purchase of the asset.
In 2013 Techalloy, the manufacturer occupying the site at the time, sustained a 4 alarm fire that caused significant damage to what was then a 141,000 SF structure. The damage was so severe that approximately 65,000 SF needed to be razed immediately.
Using a model similar to prior distressed asset purchases, Blue Ocean together with Berg and EML, intend to reposition the property with various capital improvement projects. Future improvement plans include, but are not limited to, repaving of driveways and parking areas, roof replacements, overhaul of existing offices and rehabilitating several of the loading docks.
“Strategically, we saw this as a great opportunity to purchase an under-valued and under-utilized asset with a strong presence near the Port of Baltimore. We believe that the Port, together with Dundalk and its surrounding area, is poised for robust growth in the coming years. We want to be a part of that growth as it unfolds.” says President, Jonathan Ehrenfeld.
For more information on Blue Ocean Realty, please visit www.blueoceanrealty.net.
About Blue Ocean
Located in Baltimore, Blue Ocean Realty 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 over $300,000,000. The Blue Ocean portfolio consists of nearly 3,500 apartment homes and approximately 2,000,000 square feet of commercial space.