Mixed-use Investment in Baltimore County
Overview
We have invested almost $3.0M in a curent 6.0+ acre industrial/retail site in Baltimore county originally zoned BRAS (Business Roadside). The property currently has several retail tenants and a mulch manufacturer at the rear of the property and currently provides about $250k of cash flow. We entered the property in the Comprehensive Zoning Map Process in 2015 and the property was granted a business major zoning designation with a Commercial Core Center overlay in 2016, allowing the project to include a 152 unit multi-family component, along with 50,000 sf of retail and office. We are looking for an additional $12.0M investment or 80% of the equity for the total $60.0M project. The project is expected to be a long-term hold.
About the Family
The project is being lead by the Hoffberger Family and our partners Vanguard Equities, a developer of retail real etate. The Hoffberger family has historically been invested in real estate thru a public REIT known as Mid Atlantic Realty Trust, a developer of grocery anchored strip shopping centers that was purchased by Kimco in 2003. The Family still owns and operates refrigerated warehouses in the mid-atlantic, which it has done since 1929.
Size of Investment
$10 - 19.9M
Source of Deal
I am already invested in the deal, and more capital is being raised
Leadership of Deal
I am leading this deal and looking for co-investors