Mill Centre, Baltimore, Maryland
Recent / Creative Office / Industrial
Ceres, together with Remington Properties, identified a unique value add asset, the Mill Centre. Mill Centre is an 1880’s vintage historic factory for the manufacturing of sail cloth that was repurposed in the late 1980’s. Acquired in 2013 for $4.2 MM, Mill Centre was poorly managed by prior ownership and offered opportunity for substantial improvement. By expanding tenancies, reconfiguring numerous spaces, filling in underutilized components, the partnership was able to double its net operating income within 4 years. Ceres was responsible for the capitalization of the equity and debt for its initial acquisition as well as for its recapitalization in 2019 for $6.7 MM. In addition, Ceres and its principals are major investors in the managing member of the venture.