Baltimore-based real estate investment and management company’s Continental Realty Corporation and joint venture partner WorkShop Development., have closed on the purchase of the historic mixed-use Brown’s Wharf. The firm paid $21 million for the mixed use scheme on Thames Street for just under $102 per sqf. The 104,000 sqf foot mixed use facility is composed of office, retail and restaurant space. Originally built in the 1800s and renovated and expanded in 1988, Brown’s Wharf consists of a three brick and stone buildings. The 1.37-acre site includes a 270 foot waterfront promenade and features tenants including Johns Hopkins University, Jhpiego and Cognitive Research along with other retailers Mexican-themed Barcocina, CFG Community Bank, 7-11, Fells Point Surf Company and aMuse of Fell’s Point.
“We consider Brown’s Wharf a one-of-a-kind and irreplaceable property in Baltimore City given its placement along the waterfront, and central location within an area that has been the recipient of a dramatic shift of energy over the past several years,” explained Ari Abramson, Vice President of Acquisitions of Continental Realty Corporation. “The project brings strong value-add opportunities and an operational upside that we intend to achieve with over $2 million of fresh capital to upgrade the building systems, refresh the interior common areas and add greater street presence. The presence of Jhpiego, a Johns Hopkins affiliate, provides a solid leasing foundation as the primary tenant in Brown’s Wharf, and we appreciate their long-term commitment to the project.”
