Clendenin affiliate to buy warehouseSignet Bank/Maryland...

COMMERCIAL REALTY

November 25, 1992|By Timothy J. Mullaney

Clendenin affiliate to buy warehouse

Signet Bank/Maryland will have a short tenure as owner of the former Levenson & Klein warehouse on Erdman Avenue in East Baltimore.

The 305,000-square-foot building will soon be sold to a company affiliated with Clendenin Brothers Inc., John C. Corckran, Clendenin co-chief executive, said.

"We're next-door neighbors to the Levenson & Klein building. It was logical," said Mr. Corckran, whose company makes aluminum and other non-ferrous nails, rivets and other fasteners.

Mr. Corckran and Andrzej Koplewski, a senior vice president at Signet, declined to say how much the buyers agreed to pay for the building. The sale has not closed, so the price isn't a matter of public record.

Clendenin will move into about 100,000 square feet of the building.

Mr. Corckran said the company is likely to delay moving into the building until the spring, allowing time after the closing to "get the building ready for us." A broker familiar with the building said it needs roof repairs. The other 200,000 square feet of the warehouse are for lease.

"We plan to put it on the market at a very low price," Mr. Corckran said. He said the company has not chosen a broker to lease the space.

Signet bought the building at auction for $1.225 million on November 13.

A partnership controlled by Levenson & Klein owed nearly $3 million when Signet triggered the foreclosure.

The furniture store chain closed in 1990.

CB Commercial executive to join Casey

CB Commercial Real Estate Group Inc. Vice President Steve H. Gassaway, a leading local commercial broker, is moving to Lombard Street to join Casey & Associates Inc.

"It's a locally owned entrepreneurial company where I can a bigger impact," said Mr. Gassaway, a Lutherville resident who joined CB Commercial in 1983. He will be a vice president at his new firm, but will not initially be a partner.

T. Courtenay Jenkins III, senior vice president of Casey & Associates, said his firm had held intermittent talks with Mr. Gassaway for up to two years.

"It strengthens our office leasing downtown and our office division companywide," Mr. Jenkins said.

Casey & Associates said Mr. Gassaway has been a top five producer at CB Commercial for four of the past five years. He has worked on 285 transactions involving 1.5 million square feet of office space in his CB Commercial career.

Auctioneers sounding a bit optimistic

Don't look now, but the vultures are smiling.

Auctioneers are beginning to sound a bit optimistic about real estate. Why? Because some properties going to foreclosure auction are beginning to sell -- and not just to the lenders who forced the auctions in the first place.

In a number of recent auctions, properties were purchased by companies that want to use the land themselves. Investors, meanwhile, have stayed on the sidelines. Some examples:

* Alex Cooper Auctioneers Inc. recently sold the former First Federal of Annapolis building to Bank of Annapolis, which agreed to pay $975,000 for the 36,000- square-foot structure. The bank plans to move some of its operations to the building.

* A.J. Billig & Co., the Baltimore auction firm, sold 17 acres of the Inland Leidy property in Harford County to Bob's Transport and Storage Co. Inc. of Dundalk for $455,000 on November 19. Jack (( Billig, president of the firm, said negotiations are continuing for the sale of the front parcel of about 32 acres to an undisclosed buyer.

* Alex Cooper also sold the old Gordon's Crab House building at Patterson Park Avenue and Orleans Street for $132,000 on Nov. 20, after the property was bought by Fairfax Savings at an earlier auction. Mr. Cooper said the buyer plans to make the building into a pizzeria.

* Atlantic Auctions Inc. of Baltimore successfully auctioned a flex building in Capitol Heights for $850,000 on Monday. Auctioneer R. Andrew Stafford said the building sold to a printing company that plans to use the building.

On the other hand, the shopping center in the 8500 block of Liberty Road in Randallstown, once anchored by an Ames department store, did not sell to an outside buyer on Monday.

It was bought for $900,000 by its lender, a unit of Philadelphia-based Meritor Savings Bank. The center is about 75 percent vacant and didn't sell despite a light debt load that indicated it might have come cheaply.

"The investors are bottom-fishing and show a general reluctance to step in unless there's an income stream. They don't want to turn anything around," said Paul R. Cooper, vice president of Alex Cooper.

Hagerstown complex sold for $3.05 million

The Kenley Square apartment complex in Hagerstown wa sold early this month for $3.05 million by a unit of Home Federal Savings Bank of Hagerstown. Home Federal was part of a joint venture that developed the property in the late 1980s but decided to sell it after federal thrift regulations changed.

The complex has 96 two-bedroom units, and was sold to a division of Equity Management Inc. of Hyattsville. CB Commercial Real Estate Group Inc. brokered the sale.

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