MCB Real Estate, LLC, a Baltimore-based Commercial Real Estate firm, announced that one of its affiliates has reached an agreement to acquire the existing assets and development rights of the Clipper Mill Mixed Use Development from affiliates of ValStone Partners in an off-market transaction.
Clipper Mill is a first-class mixed-use redevelopment containing 140,000 square feet of office, retail and residential uses. It has been mired in litigation surrounding continued development for the last two years. MCB, which has been based in Charles Village for more than 15 years, plans to move its main corporate office to the project and engage on the completion of the remaining development opportunities
“We are extremely excited to acquire Clipper Mill,” stated P. David Bramble, managing partner of MCB Real Estate. “It was a difficult negotiation, but this is an amazing project in an amazing community in Baltimore. We are moving & expanding our corporate offices to this project and our goal is to hit the “re-set” button with the community and figure out how to get the remainder of this project off the ground. We expect to meet with the community, City officials, and other stakeholders in the coming weeks to see how we can move forward together.”
ABOUT MCB REAL ESTATE Headquartered in Baltimore, Maryland, MCB is a privately-held, institutionally-capitalized commercial real estate development and investment firm. The company owns and operates approximately 12 million square feet of industrial, retail office and mixed-use projects. For additional information visit www.mcbrealestate.com.
ABOUT VALSTONE PARTNERS ValStone Partners is a Baltimore, Maryland and Birmingham, Michigan-based private equity investment firm focused on alternative investments—including direct real estate and commercial real estate loans across a variety of asset classes, including senior housing. Since its inception in 1998, we have completed transactions with an aggregate stated value of more than $1.2 billion. For additional information visit www.valstonepartners.com.
