Baltimore County Printing Facility Snags Energy Loan for Upgrades
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.
Garver Development Group acquired the 177,000-square foot facility in November and moved to transform two-thirds of the building to support self-storage, vehicle storage, and light industrial and manufacturing uses. 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, told Commercial Observer. “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.
CPACE is a financing mechanism that can be used to finance energy and water-related improvements of a real estate project.
“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. “[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.