27 Sep 2019

MIDDLE RIVER, MD– September 24, 2019–Maryland-based developer Blue Ocean has announced its acquisition of The Middle River Depot, located in Eastern Baltimore County, Maryland. Middle River Depot is the largest industrial building in the state of Maryland, and is an expansive and historically significant property.

CBRE’s Mid Atlantic Institutional Group oversaw the sale of the 2-million-square-foot project to Blue Ocean.  “Although there continues to be massive amounts of national, institutional capital flowing into industrial investments in the Mid-Atlantic region, this opportunity was acquired by a local investor who understands the strategic nature of the location, and who will work closely with the community to create value,” said Executive Vice President Bo Cashman of CBRE.

At nearly 2 million square feet, the facility is slated to become one of the largest Real Estate Opportunity Zone developments in the Mid-Atlantic and is expected to spur economic development and create thousands of jobs. A MARC train station is located within a couple hundred yards of the property, creating a transit-oriented and sustainable commercial real estate development that is rare in Baltimore County.

“We are thrilled with this acquisition and we are looking forward to honoring the great history of this site and bringing it into modern times,” said Blue Ocean President and CEO Jonathan Ehrenfeld. “Our team has put together an incredible program for this property, and we look forward to announcing several anchor tenants whom we are actively working with to join this project in the coming weeks or months.”

With a nod to the property’s history as a factory where B-26 bombers among other aircraft were manufactured during World War II, the site has been branded  as “Aviation Station.”  Blue Ocean plans to continue to house industrial users, manufacturers, and fabricators on site, along with retail, office, sports, and recreation-oriented tenants.

Eastern Savings Bank, a locally owned and operated community bank headquartered in Hunt Valley, provided acquisition financing for Blue Ocean that will jumpstart the development of the property.  “Eastern Savings Bank is proud to partner with the visionary Blue Ocean team on this amazing project,” said Eastern Senior Vice President and Chief Credit Officer Joe Slovick. “Blue Ocean’s planned transformation of this historic property into a retail and leisure destination will build on the growth in this area and allow visitors to experience the beauty of this unique property in a new light.”

“Eastern Baltimore County is growing by leaps and bounds, and Blue Ocean is excited to be a part of that growth story,” adds Ehrenfeld. “We’re equally excited that we are able to offer something different and special that is rarely found in Baltimore County: historic buildings with great character being repurposed for a retail experience that will allow everyone to enjoy and experience this great historic treasure of Baltimore County’s past, each and every day.”

About Blue Ocean

Founded in 2004, Blue Ocean is a real estate investment and management company headquartered in Baltimore, MD.  Blue Ocean is active in a variety of sectors within the real estate industry including multifamily, office, retail, industrial, hospitality, and self-storage. sectors. Today, the Blue Ocean portfolio consists of 23 properties valued at approximately $450,000,000. This portfolio consists of 3,000 apartment homes and almost 3,500,000 square feet of commercial space.

About Eastern Savings Bank

Eastern Savings Bank, an FDIC insured community bank, is committed to building relationships by providing personalized banking solutions and services. Some of our products and services include Residential and Commercial portfolio mortgage loans for clients with unique situations, Certificates of Deposit, Retirement and Educational Savings Accounts.