Baltimore developer and investment firm eye Middletown warehouse
March 23, 2022
You might also like
MIDDLE-TOWN — Birchwood Capital Partners and Organized development group are looking to build a 567,000 square foot industrial warehouse in Middletown, another sign that the growing community is attracting the attention of developers.
The warehouse, currently dubbed “Project Blue Hen”, at 929 Warwick Road will be right at the foot of the US Route 301 interchange at the west end of Middletown. Preliminary plans show 424 parking spaces as well as 200 trailer spaces.
Birchwood Capital Partners Chairman and CEO David Strouse told the Delaware Business Times that the project was still in the conceptual stage and declined to comment.
Based in Baltimore, Birchwood Capital Partners was founded in 2010 and works with a select clientele, including some of the largest development firms in the Mid-Atlantic region. The boutique real estate investment banking firm closed more than $750 million in new deals for a total deal volume of $1.5 billion over the past decade.
Birchwood Capital Partners has also entered into debt and equity transactions with more than 25 lenders, institutional partners and private investors.
The company’s real estate investment includes the Dover Town Center, a 125,000 square foot shopping center, as well as stores and apartments in Baltimore as well as a luxury condominium in Florida.
Meanwhile, Curated Development Group was established in 2017 by Harris Lopato. The development group is looking to develop raw land or purchase “value-added and opportunistic commercial and residential types,” according to its website. Curated has developed 1.5 million square feet to date.
This is the second investment that Birchwood Capital and Curative have partnered with in the past year. In August 2021, the partnership filed plans to build a 2 million square foot warehouse in Hagerstown, Maryland.
The Blue Hen project entered the state planning process after Dermody Properties, the developer of the massive Amazon fulfillment center at the former GM Boxwood factory, scrapped plans, called “Brynn Project, for the package.
Dermody had submitted plans to the city to build a 181,000 square foot distribution/employment center there, with specifications that closely resembled a delivery center.
The land is owned by farmer Richard P. Money, who owns much of the farmland bordering the southwest of the city. He has spent the last few years successfully requesting the annexation of plots to the city to operate the infrastructure necessary for their development.
With the construction of the US 301 Bypass, industrial development and warehouses have attracted the interest of developers in recent years. Middletown was home to the first Amazon fulfillment center in Delaware, and Revolutionary drinks recently opened its Delaware warehouse on Levels Road.
Last year, Ocean Atlantic Companies, the property investment arm of prolific Sussex County homebuilder Schell Brothers, had sales contracts for two large plots near the Jamison Corner Road interchange on the 301. One deal was to sell the former Scott Run Commerce Center parcel, located southeast of the interchange, to Kennedy International, an import company housekeepers based in New Jersey. The other deal would sell a 229-acre parcel to Dermody. Together, the projects could bring more than 4 million square feet of industrial space to market.
Recover your password.
A password will be e-mailed to you.