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Greenspring Collects $36M for Improved 12-Acre Site Near Seagirt Terminal in Baltimore City
Greenspring Realty Partners, LLC, has received a purchase price of $36 million for a 12-acre waterfront site in south Baltimore City near the Seagirt Marine Terminal. The buyer was not disclosed.
Greenspring acquired the acreage on Newgate Avenue from Vane Brothers for approximately $8.5 million in June 2019. The site consists of three parcels with a 700-foot pier, a 1400-foot pier and land for outside storage.
Over the past two years, Greenspring has executed value-add strategy that focused on the demolition of more than 170 existing grain silos and related elevators along with the addition of stone and crushed rock on the outside spaces.
“Our strategy entailed completing value-add improvements and leasing the acreage to one or more end-users that required deep-water berth capabilities within close proximity to the Port of Baltimore with the realization of extreme demand in the marketplace,” said Dan Flamholz, Greenspring principal.
- ◦Sale/Acquisition
