Real estate firm buys waterfront property with an eye toward port-related business
Real estate firm buys waterfront property with an eye toward

Greenspring Realty Partners, a real estate and investment firm, and the Berg Corp., a demolition company, have acquired a 12-acre marine terminal that they say can be repurposed to support operations at the neighboring state-owned Seagirt Marine Terminal.

The property at 4601 Newgate Ave. in Southeast Baltimore fronts deep-water channels needed for the largest ships that call on port of Baltimore. The site is made up of three parcels that were owned by Canton Marine Terminal Inc., which is affiliated with Vane Brothers, a Baltimore-based tug and barge operator.

The site features a 1,400-foot pier and a 700-foot pier as well as a former grain elevator and storage silos. Currently, the Savannah, the world’s first nuclear-powered merchant ship, is berthed there as it awaits decommissioning in the coming years.

Greenspring officials said the terminal will be made available for private use, likely supporting port operations.

It could support a warehouse or be used for outside storage, they said. A record 43 million tons of cargo were unloaded at the port of Baltimore’s public and private terminals last year, and, based on expected growth, the port will need more storage capacity in coming years, company officials said.

One to three users could set up operations on the property. The site’s aging grain silos could be demolished or used.

Greenspring and Berg paid $8.5 million for the terminal, which the state values at just over $2 million for tax purposes.

The Vane Brothers affiliate purchased the property from food conglomerate Conagra Inc. in 1995 for $250,000.

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