A Bethesda real estate firm has snatched up a slew of retail buildings in East Baltimore, hoping that its proximity to Johns Hopkins Hospital and a new charter school will make the portfolio a good long-term investment.
Spectrum Properties LLC purchased 2213-2241 Monument St. for $4.55 million from Miller Real Estate Co. KLNB Retail Investment Sales brokered the sale.
Encompassing one city block, the portfolio consists of eight stores totaling 32,000 square feet. Tenants include Shoe City, Foot Locker, Rainbow clothing, Kost Less, and Murry’s Food.
A number of vacant and boarded up homes surround the area. But Spectrum Principal Alan Hammerschlag hopes that will change in time as families and hospital workers move to the area. Johns Hopkins Hospital is constructing two 12-story towers for cardiovascular and pediatric care that will be completed next year.
Johns Hopkins University School of Education took over the day-to-day operations of the East Baltimore Community School, located near the site.
Spectrum’s other Baltimore properties include the Wal-Mart and Sam’s Club at Port Covington and Beltway Crossing Shopping Center in Glen Burnie.
Writer: Julekha Dash
Source: Alan Hammerschlag, Spectrum