Landmark Mixed-Use | Camden Yards

KLNB Capital Markets is pleased to present for sale the Wilkens Building, a four-story retail and office building with 36 surface parking spaces, uniquely positioned between the soon-to-be-redeveloped Harbor Place and Oriole Park at Camden Yards, which just extended its lease for an additional 30 years in 2023, solidifying a dominant neighborhood anchor. Occupied on the street level by Chipotle, Dunkin’, and Luna Del Sea (expanded in 2024), the asset has a staggered lease rollover from 2024 to 2037, offering both long-term security and short-term value-add. On levels 2-5, the building is occupied by a diverse office tenant base, including the GSA through July 2032, the Maryland Development Center through June 2029, and 10 boutique office uses. With strong positioning in Downtown Baltimore, the asset is currently 100% occupied on the retail portion, with 32% of the office space available for lease-up.

300 W Pratt Street represents a unique opportunity to acquire restaurant and quick-serve retail tenants that have thrived in the urban environment, benefiting from proximity to Oriole Park at Camden Yards, CFG Bank Arena, the Baltimore Convention Center, M&T bank stadium, the soon-to-be-re-imagined Inner Harbor and the recently redeveloped Lexington Market.

All of these drivers, and more, are important economic anchors to the City, and the Wilkens Building is located in the middle of them all. Oriole Park at Camden Yards and M&T Bank Stadium have both undergone a recent capital campaign and are experiencing a record number of attendees year-over-year. CFG Bank Arena, directly behind the subject property went through a $250 million renovation and has become a premier venue in not only Baltimore but in the Mid-Atlantic region. Located across the street is the 1.25-million-square-foot Baltimore Convention Center, hosting some of the city’s largest events, and an 8-minute walk away sits Harbor Place, undergoing a massive $500 million renovation changing the landscape of the inner harbor.

Anchoring the ground floor, 16% (9,999 square feet) of the GLA is occupied by prominent and successful retail tenants representing 32% of the in-place gross revenue. In addition to the stable, long-term leased retail, 300 W Pratt provides investors with the opportunity to acquire unique office space in the CBD, with walkable amenities at a very attractive basis. 12-foot ceilings and exposed brick interior features provide tenants with charming space opportunities not typically found in urban mid-rise office buildings. The acquisition basis for the office space will provide ownership with the ability to infuse capital, free rent, and tenant improvement allowances to attract new tenants while maintaining economically attractive rental rates.

Unique, charming office space can be made available at strategically attractive rental rates.