Let's Make a Deal: Feature of the Week

Spectrum Deal in Manassas, Virginia

Kudos to the Kelley Drye Legal Team and Spectrus Development for getting a double digit deal done in this market. Aaron Rosenfeld is a key dealmaker on the team and has consistently been able to provide both business and real estate advice for his clients locally and on a national playing field representing private equity companies and investment houses. Now more than ever creative financing and navigating the banking sector has proven to be a challenge.

Here is a blip from Globe Street on the deal:

Spectrum Buys Manassas Retail for $25M

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Charm City and Retail Real Estate

I just returned from a visit to Charm City Baltimore to attend a commercial real estate happy hour focusing on retail real estate. For any of you who aren't familiar with retail real estate, think of your local mall or strip mall-- these brokers and developers build and tenant these buildings. I attended the meeting with a colleague, Jeff Bogart, of Calkain Cos. Jeff was eager as well to see how Baltimore compared to the DC market. We both were invited to the event by Eastern Construction's marketing exec, Teralynn Lueben.

International Council of Shopping Centers is the trade association representing this segment of the commercial real estate market. If you would like to learn more about this market segment you should attend one of their Regional or National dealmaking conferences. I have attended DC, NY, and the National convention in Las Vegas.

Back to Baltimore- I never have really had dealings with Baltimore's retail broker population. I have conducted office 1031 exchanges and residential investment property transactions; however, Baltimore retail is new to me.

What really blew my mind about the trip is Baltimore's "newer section of town", Harbor East.

Harbor East is described on Baltimore's city website as "(a)n entirely transformed and swiftly emerging neighborhood located between the Inner Harbor and Fell's Point, Harbor East is becoming the place for modern cuisine. Sophisticated fine dining is without a doubt Harbor East's forte. Witha new arts-theater and endless restaurants to choose from, it is Baltimore's latest neighborhood to gain insatiable interest from both locals and visitors alike."

The event we attended was at James Joycce, an Irish bar in this section of town. After visiting Flemings and Oceanaire. we strolled over and met the crowd.

Dan Klein and Geoff Mackler were two of the gentlemen I had the good fortune of meeting while attending the function. Dan has the unique perspective of being an owner and conducting leasing himself. I was impressed with his comprehensive knowledge of investment sales and leasing. Geoff, as well, seems to be a driving force in Baltimore real estate.

I made plans with several brokers to meet next week at ICSC. We shall see how things develop, but overall the scene looks promising for 1031 activity.

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