Baltimore County Printing Facility Snags Energy Loan for Upgrades
By Keith Loria February 18, 2021 1:05 pm
reprints
Garver Development Group has been awarded a $3 million commercial property-assessed clean energy (CPACE) loan from MD Energy Advisors to enact significant property upgrades and a comprehensive transformation of the former Port City Press printing facility in Pikesville, Md.
In November, Garver Development Group purchased the 177,000-square foot facility and moved to revamp two-thirds of the building for self-storage, vehicle storage, and light industrial and manufacturing uses, according to a prepared statement. The remaining 32,000 square feet of space will be transformed to serve various light industrial and warehouse applications.
Additionally, the Baltimore-based firm will construct nearly 15,000 square feet of drive-up storage units on the existing parking lot.
“Self-storage is underserved in this section of Baltimore County, so the location is terrific for our use,” Peter Garver, Garver Development Group’s president, said in a statement. “This is a market-differentiator in the product category. Providing this drive-through feature in this existing building presented a construction challenge in the need to raise portions of the structure’s roof to 14 feet to accommodate the needs of potential end-users.”
Located at 1323 Greenwood Road, the building has been vacant since 2018.
As a financing mechanism, CPACE can help finance energy and water-related improvements of a real estate project, per the statement.
“This is an excellent application of the CPACE loan program given the owner’s intent to apply the funds towards a significant improvement package to build long-term value,” Jason Schwartzberg, MD Energy Advisors’ president, said in the statement. “[Garver’s] plan for this building conversion is creative and responds to an identified need in Baltimore County.”
Trout Daniel & Associates will handle the marketing and leasing for the asset.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
