Trout Daniel & Associates Announces Sale of Pikesville Doubletree by Hilton Hotel Property
PIKESVILLE, MD – OCTOBER 26, 2018 – Commercial real estate professionals, Steven Cornblatt and Gary Olschansky of Trout Daniel & Associates represented Blue Ocean Realty in its acquisition of the 171-room DoubleTree by Hilton Hotel and Conference Center in Pikesville, MD.
In addition to the hotel, the 10-acre site also includes the 50,000 square foot Baltimore Tennis & Fitness facility, as well as a 32,000 square feet retail and office plaza.
The sale price was not disclosed.
The Seller, Pikesville Hotel Limited Partnership a Mangione family entity, represented itself in this ‘off-market’ transaction that unfolded over approximately 2 years.
Moving forward, TD&A’s Rene Daniel and Seth Danels, along with Cornblatt, will be providing leasing and advisory services to Blue Ocean.
The property is located at 1726 Reisterstown Road and is one of the most recognized locations in the Baltimore Metro area. It sits at the intersection of Interstate 695 and Reisterstown Road (State Highway 140). The Hotel and Conference Center boasts unparalleled convenience and access and exposure to over 220,000 commuters per day.
According to Cornblatt of Trout Daniel & Associates, “The owners have plans for a substantial upgrade to the property which will provide the area with a brand new visual landscape and welcoming gateway into Pikesville. This will be a wonderful improvement for Baltimore and is a key reason for the high level of office & retail leasing interest that we have seen so far.”
This latest acquisition reflects Blue Ocean’s strategy to further diversify its portfolio by acquiring stable and irreplaceable properties in the Mid-Atlantic market.
Planned renovations and improvements include: upgrades to the tennis & fitness facility, hotel common areas, conference center, dining and guest rooms as well as redevelopment of the retail and office plaza that currently faces Reisterstown Road.
Details of all planned upgrades will be forthcoming in the near future.
About Trout Daniel & Associates:
Trout Daniel & Associates is a full-service, regional commercial real estate company located in Baltimore, Maryland that strives to make the success of its clients the most important part of its business.