Newmark today announced the sale of Clipper Mill, an urban, mixed-use and historic adaptive re-use development located in the Hampden-Woodberry neighborhood in Baltimore, Maryland. The property represents more than 140,000 SF, including Class A apartments, creative office and artisan space, potential for additional development, and is home to Woodberry Kitchen, one of Baltimore’s best restaurants. The project was sold to an affiliate of ValStone Partners for an undisclosed sum.
Executive Managing Director Cris Abramson, Senior Managing Director Brian Kruger, Director Nicholas Signor and Financial Analyst Ben McCarty of Newmark’s Baltimore Capital Markets team facilitated the sale.
“Clipper Mill’s exceptional location, asset quality, and unique historic nature presented ValStone with an opportunity to buy a one-of-a-kind mixed use redevelopment, ideally positioned to take advantage of Baltimore’s millennial-rich population. The property also has significant growth opportunities, as there is room for potential future development on-site.” said Abramson.
Clipper Mill has been a community icon since its original construction in the 19th century as a manufacturing complex along the banks of the Jones Falls in Baltimore. It was meticulously renovated to include multifamily, office, retail, and unique artisan space in the early-to-mid 2000s.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.