Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BALTIMORE-Arlington, VA-based Altus Realty Partners LLC is closing on its third Baltimore acquisition in the next two weeks. The firm did not disclose the contract price for the 131, 800-sf former Mercantile Bank office and operations center, which is located in the Linthicum Heights submarket.

Terry Hindermann, principal at the firm, though, did tell GlobeSt.com that it will be investing some $3.5 million in renovations to transition the single-use building to a facility that could support multi-tenants as well as develop parking on part of the 18 acres that is included in the purchase. The firm is acquiring the building from PNC, which acquired Mercantile Bank.

Altus has tapped CB Richard Ellis to lease the facility, called Hammonds Ferry Corporate Center CBRE’s Joe Ruzecki and Ben Meisels will be handling the account. The building, located at 618-766 Old Hammonds Ferry Rd., is expected to ready for new tenants in January 2008.

The lease up strategy will focus on one of the building’s key strengths, Hindermann says–its location close to the BWI Airport. “One reason why we like the BWI Corridor is because the Base Realignment and Closure is fueling new commercial tenant activity and job growth.” Other acquisitions in the region by the firm include the Steiff Silver Building located on I-83 near Johns Hopkins University and the Ridgeview Plaza Shopping Center on Route 175 at the north gate of Ft. Meade in Anne Arundel County. Altus spent in the aggregate almost $40 million for these properties. According to Hindermann, it is looking at spending another $50 million over the next 12 months. “We are evaluating two or three other possibilities right now, including retail,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.