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Middle River, MD – October 27, 2021 – 2800 and 3000 Eastern Boulevard, a 50+ acre site containing nearly two million square feet of industrial space, known locally as the “Aviation Station” development officially changed hands on October 27th. The purchaser was Reich Brothers, a New York-based firm, whose sizable portfolio includes over 16 million square feet spread across the United States.
The seller of Aviation Station was an affiliate of Owings Mills-based Blue Ocean, who has been involved with the project since 2017, working initially on early diligence and eventually acquiring both 2800 & 3000 Eastern Boulevard in separate transactions from separate owners in 2019. During this four-year span, Blue Ocean successfully repositioned the properties into a combined site, invested millions of dollars in property-level and site wide improvements, including infrastructure, utilities, and building envelope systems, among other major building systems. The completed improvements allowed the project to stand on its’ own. With the potential of the site now obvious to many, several large developers stepped forward with interest to acquire the project. Ultimately, a deal was concluded with Reich Brothers.
Blue Ocean worked closely with local and state officials in support of the development of this project. These efforts allowed Aviation Station to become a recipient of both State and Federal Historic Tax Credits as well as several key economic development benefits to help create a new and solid foundation to elevate this development into the future.
Jonathan Ehrenfeld, President & CEO of Blue Ocean states “We are humbled to have been a part of this project and are proud of its success. Our team worked tirelessly to build a great foundation for this asset to grow, evolve and thrive as a major job generator in Baltimore County….The impact of COVID-19 accelerated demand for Industrial space for many businesses. We believe that the Reich Brothers, who are a nationally-recognized firm in this space, will leverage all of the progress our team has made over the last few years and successfully launch this development forward for the next 30 years…I’d like to personally acknowledge the amazing support this property has received from Maryland Governor Larry Hogan, Baltimore County Executive Johnny Olszewski Jr. and his team, Baltimore County Economic Development, Councilwoman Cathy Bevins, as well as Maryland Senator J.B. Jennings, Delegate Kathy Szeliga, Delegate Lauren Arikan and Delegate Rick Impallaria. These folks are a huge reason for the coming success of this project.”
Steve Cornblatt of TD&A (Trout Daniel & Associates) as well as Jonathan Beard and Bo Cashman of CBRE were involved in the transaction representing Buyer and Seller, respectively.
About Blue Ocean Investments
Founded in 2004, Blue Ocean is a real estate investment firm, headquartered in Owings Mills, Maryland. Blue Ocean is active in a variety of sectors within the real estate industry including multifamily, industrial, hospitality, and self-storage sectors. Today, the Blue Ocean portfolio consists of approximately 3,000 multifamily units and over 3 million square feet of commercial and mixed-use property across multiple geographies.
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