Camden-Carroll Property Changes Hands for $17.15 Million

| October 14, 2021 | 0 Comments

1788 Holdings, LLC, a privately-owned commercial real estate and investment firm headquartered in Bethesda, MD recently acquired 1601 Wicomico St. in Carroll-Camden Industrial Area for $17.15 million. The property has 351,000 sq. ft. of buildings on 13.4 acres.

1601 Wicomico St is 100 percent leased with three tenants, including Transdev.

1788 Holdings, LLC also recently completed the purchase of industrial property 6901 Rolling Mill Rd. in East Baltimore for $5.35 million. The company owns 14 properties across seven states.

“A confluence of enduring positive fundamentals, combined with our sustained confidence in both the national economy and commercial real estate industry, has fueled our approach over the past year, and we intend to remain aggressive and active in our approach for the foreseeable future to seize emerging opportunities,” said Larry Goodwin, principal of 1788 Holdings, LLC in a press release. “These factors include the sustained strength of the industrial, warehouse and outside storage asset categories, declining inventories, the availability of ready capital and the opportunity to acquire under-performing properties in which we can create significant value for our investors over the long-term.”   

“Acquiring Outside Storage Land (OSL) remains a point of emphasis in our acquisition strategy, as we believe the availability of this acreage represents a significant competitive advantage in the Baltimore City submarket,” Goodwin added. “As a port city, Baltimore is a primary destination for roll-on/roll-off cargo, particularly automobiles, trucks and heavy equipment cargo, and there remains continuing demand for storage sites with immediate proximity. Most of the infill light industrial properties in the immediate trade area do not have excess land for this type of storage, and we are filling this ongoing need.”

1788 Holdings, LLC shared the following research about the Baltimore market:

Prologis, Inc., a real estate investment trust headquartered in San Francisco, recently published a market report which ranked Baltimore as the top performing market internationally, in terms of rental growth, at 11%. The report additionally stated that “in the years ahead, replacement cost growth and barriers to new supply in urban areas would continue to provide significant lift to the rental growth in Baltimore and other land-constrained markets.” The Prologis report stated that Baltimore had recently modernized its distribution network, and is now in line to serve the logistics needs of larger markets such as Philadelphia and New York.

Commercial brokerage firm CBRE reported a 1.6% vacancy level for industrial product in Baltimore City, which is significantly below the 5.1% vacancy rate in the larger Baltimore Metropolitan Statistical Area (MSA). CBRE further listed Baltimore as its fifth-best market in the United States for projected rent growth over the next five years, with cumulative rent growth expected to approach 32%. The group cited the limited ability to add new supply and rising replacement costs as major reasons for this increase.  

This is the latest investment in Carroll-Camden Industrial Area. In recent months Mayorga Organics purchased a 120,000 sq. ft. building at 901 W. Ostend St., Sandtown Furniture Co. purchased a 32,000 sq. ft. building at 1226 Wicomico St., the 100,000 sq. ft. Gaslight Square complex was sold to Equity Warehouse, Public Storage is constructing a 940-unit storage building at 1500 Ridgely St., Mingrub purchased an 8,000 sq. ft. warehouse at 1412-1418 Carey St., and 1201-1203 Bush St. changed hands and was renovated.

Screenshot from Google Maps

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