Realty firm going ahead with Owings Mills office park Executive and medical offices are to be built.

Commercial real estate

August 21, 1991|By Kevin Thomas | Kevin Thomas,Evening Sun Staff

Continental Realty Corp., the Baltimore-based management and development company, is moving ahead with most of its plans for a $2 million medical and executive office park in Owings Mills called Franklin Business Park.

The company has hired an architect and brokerage firm to handle the first phase of the project, which involves two buildings totaling 26,000 square feet of space on a three-acre site at the southwest corner of Franklin Boulevard and Interstate 795, just north of Owings Mills Mall Town Center.

The two buildings will be single-story structures, totaling 14,000 square feet and 12,000 square feet respectively, officials said.

But the date for groundbreaking -- spring 1992 -- is only tentative, officials said. The recession will not allow the company to move forward until a major tenant is found.

"The days of putting these buildings up on spec[ulation] are over," said CRC Vice President Mark Levy.

Still, Levy said Continental feels the project will be a success, particularly in the growing Owings Mills area.

A recent report by Lipman Frizzell & Mitchell, the real estate consultant firm, said development in Owings Mills has continued at "an impressive level" despite the recession. The area, which has already grown by about 11,000 new jobs over four years, has a number of major projects either completed or under construction, the report stated.

Recently, Blue Cross & Blue Shield of Maryland moved its corporate headquarters to Owings Mills and is continuing to expand its offices there. Other companies that have either located or are planning relocations to Owings Mills are Baltimore Life Insurance Co.; Telemecanique, a French electronics firm; and T. Rowe Price.

The Continental Realty project is designed by Hord, Coplan & Macht Inc., the Baltimore-based architectural firm. Meanwhile, Corridor Brokerage Services of Columbia is handling leasing. A general contractor has not been named.

A second phase of the park will rest on an eight-acre site along Nicodemus Road. But company officials said details of the buildings planned for that site are not available.

The 21-year-old CRC manages 1.5 million square feet of shopping centers, 1 million square feet of warehouse space, 4,200 apartment units and 194,000 square feet of office space, officials said. It has 1.5 million square feet of office and industrial space under development and 405 acres of undeveloped land.

Retail properties owned and managed by CRC include the Reisterstown Road Plaza and Belvedere Plaza shopping centers in Baltimore; the Northway Shopping Center in Millersville; Charley Park Center in Reisterstown and the Carney Village Shopping Center in Parkville.

Commercial properties managed by CRC include a 35-acre business park, Owings Mills Commerce Centre.

* The following are recent commercial real estate transactions han

dled by Hicks & Rotner Associates Inc.

* City Cleaners, a dry cleaner, has leased 1,900 square feet at 5627 Reisterstown Road.

* Unique Nails, a nail and facial salon, has leased 1,600 square feet in the Boulevard Theater Plaza, at 422 E. 33rd St. in Baltimore.

* The Baby Maven Inc., a children's clothing store, has leased 840 square feet in Franklin Village, at 11718 Reisterstown Road.

* Pizza Calzon, a pizza and sub shop, has leased 1,100 square feet on 7322 Carroll Ave. in Takoma Park.

* Box N Save, a grocery store, has subleased 33,000 square feet in the Sun Valley Shopping Center at 7931 Baltimore Annapolis Blvd. in Glen Burnie.

* Wings To Go, a regional franchise specializing in chicken wings, french fries and cheese sticks, has leased 1,050 square feet in Brooklyn Park Plaza on Gov. Ritchie Highway.

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