Gaslight Square Development in Carroll-Camden Hits the Market for $12.5 Million

| May 29, 2024 | 0 Comments

Gaslight Square, a mixed-use complex at 1401 Severn St. in Carrol-Camden Industrial Area, has hit the market for $12.5 million. Gaslight Square is a 82,000 sq. ft., five-building complex on 2.7 acres. It was orriginally constructed in the late 1800s for Equitable Gas Works.

The current owners, Equity Warehouse, purchased the property in 2021 and have put more than $4 million of improvements into the complex including a new roof, custom windows, repointed brick, and improvements to the courtyard and outdoor areas. Gaslight Square is now more than 50 percent leased with nine tenants.

Equity Warehouse is owned by Baltimore natives and former Baltimore City firefighters Ian Horowitz and Dan Mathe.

“Gaslight Square has been at the epicenter of our lives the past four years and we were fortunate to have a high degree of activity and leasing success,” said Horowitz in a press release. “Our passion for this development and witnessing the influx of new businesses made our investment worthwhile. We feel it is time for the next chapter and anticipate that this project is at a point where it well be extremely well received in the marketplace.”

When Equity Warehouse purchased Gaslight Square “they knew of the value-add potential of this Southwest Baltimore location as well as the demand for this type of unique space by state agencies.” Current tenants include Reveille Grounds along with several other state agencies.

Jim Chivers and Will McCullough of Gold and Company will handle the marketing of Gaslight Square.

The remaining spaces can accommodate prospects ranging in size from 1,500 to 20,000 sq. ft. The complex has free on-site parking, communal and outdoor space, and “building connectivity that supports a collaborative environment.”

Gaslight Square has Empowerment, Enterprise and Hub Zone designations.

Chivers told the building has opportunities for breweries, events spaces, office users, and an owner/users who also want to be a landlord.

He noted tours of Gaslight Square are scheduled and there is “real interest” from buyers.

“The Equity Warehouse team has successfully brought the project to a level of stabilization in a short time,” said Chivers. “That, in conjunction with market demand and Baltimore’s resurgence, makes it an ideal time to offer this asset to both investors and owner-occupants. Gaslight Square promises a gateway to success in Baltimore’s dynamic commercial landscape.”

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