Gaslight Square in Carroll-Camden Sells for $3.875 Million, Will Be Renovated

| December 22, 2020 | 0 Comments

Gaslight Square, a 100,000 sq. ft. mixed-use office and light industrial building in Carroll-Camden Industrial Area, sold last week for $3.875 million to Equity Warehouse, LLC.  It sits on its own 2.7-acre campus bounded by Bayard, Bush, and Severn St.

There are five buildings at Gaslight Square and approximately 50,000 sq. ft. of building space that still needs to be stabilized. Construction will begin in early 2021. The complex has about 40,000 sq. ft. of tenant leases in renovated spaces and Equity Warehouse will renovate the remaining buildings and lease about 40,000 sq. ft. of space.

Gold and Company assisted in the negations of the sale and will work with Equity Warehouse to lease the remaining spaces. The new owners will be able to deliver approximately 1,500 to 20,000 sq. ft. spaces to potential tenants.

Equity Warehouse partners Ian Horowitz and Dan Mathe are full-time Baltimore City firefighters and have been investing in Baltimore’s real estate market since 2014. They acquired the site as an investment asset because of “its attributes and value-add potential as well as its continuing tenancy by state tenants.”

Current tenants at Gaslight Square are Friends of Natasha Guynes, Maryland Department of Health and Mental Hygiene, Maryland Department of Parole and Probation Offices, Maryland Division of Rehabilitation Services, and PDG, Inc.

Gaslight Square was built in the late 1800s for the Equitable Gas Works. Gas was once transformed into coal at this location.

The large Gaslight Square sign sits atop a metal conveyor which was once used for making marine paint back when the site was occupied by Valspar Paints. The neon sign can be seen from I-95.

The sellers, Gas Light Square LLC, owned the property since 2003 and made extensive renovations to the site and attracted long-term tenants.

“The buyers are committed to Baltimore City and will be making an investment into the property to create an atmosphere for businesses to be successful,” said Gold and Company Senior Vice President Jim Chivers, who noted that even during the pandemic, there has been several inquiries and significant activity from tenants that are interested in making a move to Gaslight Square.

“In the Baltimore area there are very few properties available on the market that are ready to be redeveloped. While the pandemic remains a significant caveat, the local Baltimore commercial real estate market has remained resilient and values continue to remain strong,” said Chivers.

“We are excited about the opportunity to complete the development of this unique property by building on the previous owners’ vision,” said Horowitz. “We will make Gaslight Square a desired property in the Carroll-Camden neighborhood. Gaslight Square offers many attributes including proximity to the interstates, Baltimore’s newly-formed entertainment district, Downtown, and competitive market rents, to mention a few.”

Photos courtesy of Gold and Company 

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