Robert W. Deutsche Foundation buys AFRO-American Newspapers building in Charles Village, Will Redevelop as its Headquarters

 

Baltimore, Md. (November 1, 2017) The AFRO American Newspaper (the “AFRO”), the nation’s oldest African-American family-owned newspaper, sold its headquarters office building in Charles Village to the Robert W. Deutsche Foundation.  The transaction closed in the fourth quarter of 2017 for a total sale price of $1,100,000.

The Deutsche Foundation plans to totally redevelop the 17,400-square foot building as modern, energy efficient office space that will serve as the foundation’s headquarters, the headquarters for Baltimore Arts Realty Company (BARCO), with a small portion of the space used as shared offices and incubator space.  The AFRO, which celebrated its 125th anniversary on August 17, 2017, relocated into a 3,000-square foot office suite in southwest Baltimore while it proceeds with the its plans to develop its new headquarters in Baltimore City.    The new headquarters building will also serve as a museum, research archives and performance space.

RE/MAX Commercial Logic represented the AFRO in the sale and the Robert W. Deutsche Foundation was not represented by a real estate broker.


Historic Cathedral Hill Property Sells to Multifamily Developer For Conversion

March 17, 2015.  RE/MAX Commercial Logic announced that it has brokered the sale of 7-9 W. Mulberry Street located in Baltimore's Central Business District. The 23,143 square foot building was purchased by 7 West Mulberry Partners, LLC for the price of $1.2 million or $51.85 per square foot..
 
Built in 1835 and expanded in 1892, this building is designated a Historic Landmark and contributes to the Cathedral Hill National Register Historic District. Originally built as a house, the structure was converted into a school by the Roman Catholic Archdiocese in 1892. Over its 170-year existence, the structure has served as home to the Italian Consulate and then UNITE HERE!, a national union.
 
The buyer of the property is 7 West Mulberry Partners, LLC, a new entity created by a partnership between Trademark Properties and Boston-based Stratford Capital. Trademark Properties, based in Fulton, Maryland recently delivered 505 Park Avenue, a conversion of former office condominiums into luxury apartment units. Trademark Properties (www.trademarkdc.com) and its investors have been heavily focused on renovating historic properties within Baltimore for over 15 years.
 
Wendy L. Blair and Douglas R. Kington, founders and principals of RE/MAX Commercial Logic, represented the seller, 7-9 Mulberry, LLC, a company whose ownership includes local developer and contractor Kenneth Banks. Patrick Grace with Stein & Associates based in Reston, Virginia, represented the buyer.