New York firm seeking to buy Brokerage cites city's pro-development stance


September 18, 1991|By Edward Gunts

The prospective buyer of the Brokerage at the Inner Harbor office and retail complex is a wholly owned subsidiary of Boulton Hourigan Group Inc., a New York-based company that is involved in investment and investment advisory activities nationwide.

MP Investments Inc., a wholly owned subsidiary of Boulton Hourigan, entered into an agreement to purchase the Brokerage earlier this month and has about 100 days to decide whether to go through with the transaction, according to Charles Evans of Evans Land Co., asset manager for the property at 34 Market Place.

Francis F. Boulton, president of Boulton Hourigan, is a principal owner and president of the Prince William Cannons, the Northern Virginia-based Class A affiliate of the New York Yankees. Steven Hourigan, another principal of the firm, said that the decision to buy the project was based to a great degree on the pro-development and business stance exhibited by the city administration.

MP Investments is represented locally by Richard A. Jacobs, director of real estate finance for Legg Mason, Wood Walker Inc.; W. Kyle Gore of Water Street Advisors Inc.; and the law firm of Weinberg & Green. The acquisition would be its first in the Baltimore market.


Around the region:

* An auction of the 170-unit Chase Brae apartment complex on Murray Hill Road in Columbia was postponed yesterday, the second time in several months that a sale of that property has been called off. Atlantic Auctions was handling the foreclosure sale on behalf of Phoenix Mutual Insurance Co. No new date has been set.

* The vacancy rate for combined office and industrial space in Anne Arundel County was 16.3 percent as of July 1991, according to the county's Office of Economic Development, which published the results of its first annual space survey earlier this month. The vacancy rate for office space was 18.1 percent, and the vacancy rate for industrial space was 14.6 percent, according to the survey. The median rate for office space in the county was $18 per square feet, and the median rent quoted for industrial space was $6.75 per square foot.

* Downtown Press Inc., a 12-year-old photocopying operation and commercial printer previously located at 211 E. Redwood St., has moved its headquarters and downtown copy shop to 10 Hopkins Plaza, in part of the space vacated in late 1990 by the Bernard Hill clothing shop. Downtown Press will soon be joined at Hopkins Plaza by the Downtown Baltimore Center, home of a new professional education program that will be operated by a consortium of seven institutions in the University of Maryland system.

* Frank Sica has been named an associate of the architectural firm of Schamu, Machowski, Doo & Associates.

* Craig Lewis has joined W. C. Pinkard & Co. as an industrial marketing specialist. He was formerly a leasing agent for Manekin Corp.

* Caldor has set Nov. 1 as the grand opening date for a store at Ritchie Highway at McKinsey Road in Severna Park. Caldor will join the Giant Food store as an anchor of the newly named Severna Park Center, which is undergoing a $4 million renovation that will provide about 100,000 square feet of renovated retail space.

* Morley Cander Makers of Mount Clemens, Mich., has opened a 2,000-square-foot store at the Northway Shopping Center in Millerville. It is Morley's first retail venture outside its home state. Continental Realty Corp. is the landlord.

* The Jewish National Fund's Maryland/Delaware Region office will dedicate its new offices inside the Hooks Lane Executive Center, 4 Reservoir Circle in Pikesville, on Sept. 25 from 7 p.m. to 8 p.m. Participating on behalf of the Jewish National Fund will be organization President Leonard Attman and Executive Director Diane Scar.

* W.D. Class & Sons, a distributor of produce and tropical fruits in the Baltimore-Washington area, recently purchased a one-story, 150,000-square-foot warehouse building known as Dorsey Run Distribution Center at 8477 Dorsey Run Road in Howard County for $4.6 million. John Wilhide of Casey & Associates represented the buyer and the seller, Dorsey Run Associates Limited Partnership, an affiliate of the Cafritz Group of Washington.

* Carroll G. Bayne, executive vice president and managing principal of the Timonium office of Greiner Inc. is retiring from the engineering company after 44 years of service. The managing principal's position is being filled by Edward Trojan, former resident manager of Greiner's Pennsylvania office. Mr. Bayne will continue as a consultant.

* Braswell Precision Inc., a high-tolerance machine shop specializing in high-tech, defense-related products, recently purchased a one-story, 14,000-square-foot warehouse located at Lot 3 International Trade Center, Units D to J, in Anne Arundel County.

John Wilhide of Casey & Associates represented the buyer and seller, Williams Properties.

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