Frederick, Md., to See New Office and Manufacturing Development

Heritage Properties pays $2M for 6.1-acre site to build out office, manufacturing facilities


Jul. 21--FREDERICK -- A Towson-based developer made the winning bid Thursday for a 6.1 acre site on Ballenger Creek Drive.

Heritage Properties Inc. bid $2 million for the site, which is zoned for manufacturing and office use.

Peter A. Waldron, director of development, wouldn't say what Heritage Properties envisions for the site.

"We are excited about entering the Frederick market. We do office and retail development," Mr. Waldron said.

Heritage Properties is developing the White Marsh Retail Center and several office buildings in Towson, Bel Air and Baltimore, as well as Burlington, N.C.

The company said it oversees the entire process from marketing and leasing to finance, property management, design and construction of its properties.

The Ballenger Creek Drive site, formerly part of the now-defunct AmeriDebt and Debtworks, was previously approved for an office building.

The auction was handled by the Redfield Group of Gasden, Ala. The auction firm will get $200,000 from the buyer. Mike Fisher, CEO of Redfield, said his firm travels around the U.S. auctioning properties for the government. The local site was in receivership held by Rob Evans & Associates after it was seized by the government in April.

About 30 people attended the auction, held at the Courtyard by Marriott, including 13 bidders.

Mr. Fisher started the bidding at $2 million, but the first official response was $900,000. At a $1,450,000 bid, Mr. Fisher said the amount had reached the minimum placed on the property by the court. Prior to the property auction, Mr. Fisher auctioned a bottle of 1998 Dom Perignon champagne for $175. That money will go to St. Jude's Children's Hospital, he said.

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