By Mihaela Coste
Newmark Knight Frank facilitated the sale of Clipper Mill, a mixed-use and historic adaptive re-use development located in the Hampden-Woodberry neighborhood of Baltimore, Md. An affiliate of ValStone Partners acquired the property for an undisclosed amount.
Clipper Mill comprises approximately 141,000 square feet of former mill buildings that were converted into Class A apartments, creative office and artisan space.
Location and History
Located at 2002 Clipper Park Road, the asset dates back to the mid-1980s, when Robert Poole and his partner, German Hunt, opened their manufacturing plant in northern Baltimore. The property was renovated in the early-to-mid 2000s and consists of approximately 58,000 square feet of office space, 42,000 square feet of artisan space, 36,000 square feet residential and 5,000 square feet of retail.
The asset is accessible by mass transit and is situated in close proximity to Interstate 83 and to a major shopping area, anchored by Whole Foods. Additionally, south of Clipper Mill is a major arts and cultural center, the University of Baltimore and the Maryland Institute College of Art.
Executive Managing Director Cristopher Abramson, Senior Managing Director Brian Kruger, Director Nicholas Signor and Financial Analyst Ben McCarty of NKF’s Baltimore Capital Markets team facilitated the sale.
“Clipper Mill’s exceptional location, asset quality, and unique historic nature presented ValStone with an opportunity to buy a one-of-a-kind mixed use redevelopment, ideally positioned to take advantage of Baltimore’s millennial-rich population. The property also has significant growth opportunities, as there is room for potential future development on-site,” said Abramson in a prepared statement.
NKF recently represented Corporate Office Properties Trust in the sale of a 38,000-square-foot office building located in Hanover, Md. The asset was acquired by the partnership of Feldman Bergin Development and Kenwood Management Co.
Images courtesy of Jonathan Rose Co.