Canton tract, offices up for auction

COMMERCIAL REALTY NOTES

November 20, 1991|By Edward Gunts

The dockmaster's office and sales center of the Baltimore International Yachting Centre and a tract of land formerly owned by the J. S. Young Licorice Co. will be put up for auction tomorrow as part of a sale of nearly 100 boat slips off the 2500 and 2700 blocks of Boston Street in Canton.

The auction, to be held by Atlantic Auctions at 11 a.m. at 2501 Boston St. and at noon at 2701 Boston St., is a foreclosure sale on behalf of Perpetual Savings Bank of Alexandria, Va.

The bank's attorneys initiated foreclosure proceedings this year against the developers of the International Yachting Centre, claiming in suits filed in Baltimore Circuit Court that four entities affiliated with the marina owed the bank more than $3.4 million as of July 12 and that interest was accruing at the rate of $918.22 per day.

Perpetual provided the money in the 1980s to help developers build the marina complex. More than 400 slips have been built, and the 99 up for auction apparently are ones that were never sold by the developers.

The defendants named in Perpetual's suits are: Marina Ventures Internationale, Waterfront Internationale Ltd., Constellation Place Joint Venture and Constellation Place Corp.

All are connected to developers Dwayne Stevenson, his son, Scott, and Gale Brimhall, who launched the yachting center in the early 1980s.

Working with Baltimore County-based developer Norman Rockwell, Mr. Brimhall and the Stevensons announced plans several years ago to build a $100 million condominium and retail complex called Lighthouse Point on property next to the boat slips, but that project has not moved ahead.

The land targeted for the Lighthouse Point complex is not part of tomorrow's foreclosure sale. The primary lender for that project is Maryland National Bank.

Another part of the original J. S. Young property, the parking lot west of the Tindeco Wharf apartment complex, has been sold to the developers of Tindeco Wharf.

*

One of the largest buildings in the Baltimore area, the former Levenson and Klein warehouse at 4311-4401 Erdman Ave. in East Baltimore, has been put up for sale for $2.975 million.

Originally built as a distribution center for the Hecht Co., the one-story, 333,574-square-foot warehouse sits on an 11-acre parcel and has been listed with Kayne Levin Neilson Bavar Realtors.

It is being sold by Levenson Erdman Warehouse Limited Partnership, a group made up of members of the Levenson family.

According to KLNB partner David Bavar, the sale price works out to $8.92 per square foot. "I haven't seen prices like that in 15 or 20 years," he said. "It's a sign of the times."

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