The Can Company, a retail and office complex in Baltimore’s Canton neighborhood, is being sold to local developers who will consider new uses for its vacant office space.
The Boston Street center, a former can-making factory that closed in the late 1980s and was redeveloped with shops and offices in the late 1990s, is slated to be sold for $12 million to Greenspring Realty Partners and Reba Holdings.
Baltimore-based MCB Real Estate, the developer rebuilding Harborplace, and other investors are selling the high-profile property, which is nearly 60% vacant.
MCB and New York-based Angelo, Gordon & Co. bought the three-building, 205,865-square-foot former industrial property in Aug. 2017 for nearly $43 million.
A spokeswoman for MCB said the company could not discuss details of the pending contract, but “we will confirm that our partnership has entered into a contract to sell the property at a significant discount.”
The complex has about 60,000 square feet of retail and restaurant space, with tenants such as Outback Steakhouse, Chipotle Mexican Grill and Cold Stone Creamery, and about 145,000 square feet of loft-style office space. Of that, about 100,000 square feet will be vacant as of Sept. 30 when Yahoo’s lease ends, said Jeremy Landsman of Owings Mills-based Reba Holdings.
He said the new owners’ plan has not determined uses for the vacant space.
“We will work with the neighborhood to determine what is best,” Landsman said in an email. “It could be anything, from staying an office use, to creative space, apartments, hotel or anything else.”
Landsman added that “the buildings are in great condition, and have tons of soul.”
