1111 Key Highway, Two-Story, Nearly 15,000 SF Building in Locust Point Section of Baltimore City Sells for $7.75 Million
MacKenzie Commercial Real Estate Services represents the buyer with transaction including the rights to The Goddard School in the building, and second franchise in Canton
Baltimore Key RE, LLC, has acquired 1111 Key Highway, a two-story, nearly 15,000 square foot commercial office building located in the Locust Point section of Baltimore City, from Woodall GPA, LLC, for $7.75 million. Jim Grieves, Vice President, MacKenzie Commercial Real Estate Services, LLC represented the buyer in a transaction that also included the franchise rights for The Goddard School which leases 100 percent of the building, as well as a second Goddard School franchise located at 1000 S. Highland Avenue in Canton. Christopher Burnham and Graham Slifer of KLNB represented the seller of the asset, which is also known as The Goddard School Building. MacKenzie Capital provided financing for the transaction.
Mayur and Leena Patel of Baltimore Key RE, LLC built their first Goddard School franchise in 2013 and now operate two schools in the Pennsylvania area with a third currently under construction. This is the couple’s first foray into the Baltimore metropolitan area. With headquarters in King of Prussia, Pennsylvania, Goddard Systems, LLC. is the franchisor for The Goddard School, which utilizes a proprietary educational program, backed by data-driven insight, which encourages children to explore their curiosities and interests as they discover the wonder of learning. The play- and inquiry-based learning experience uses academically endorsed methods in early childhood education to discover music and art, learn how to communicate using sign language and secondary languages and develop problem solving skills through games.
Goddard Systems currently licenses more than 600 Goddard School franchise that serve more than 70,000 students across 38 states, including 36 locations in Maryland and two in Baltimore City.
“We have enjoyed tremendous success with The Goddard School franchise and have been eyeing the Baltimore market for quite some time, especially since I grew up in the area and have seen the evolution of the city over the past 30 years,” explained Mayur Patel. “We first learned the property was being marketed for sale and had immediate interest but, after hearing the schools were available as well, we knew this was an opportunity too good to pass up. All the pieces came in place at the same and right time.”
The couple explained that their Baltimore-area cousin Kinnari Patel – will assume day-to-day operations of the two schools, together with oversight from Leena. “This was the perfect opportunity to enter the Baltimore area, grow our network of school franchises, and add a terrific piece of real estate,” added Leena Patel. “We love the area given the strong demographics and fundamentals, and the overall vibrancy and energy of this section of town.”
The build-to-suit building fronting Key Highway East was delivered in 2023 and is equipped with 14 separate classrooms, indoor and exterior recreation space, and a windowed façade. It is positioned just south of McHenry Row, and contained within a vibrant Locust Point area featuring nearly 450,000 people within a five-mile radius, including nearly 200,000 households, as well as a daytime population approaching 600,000. Major nearby employes include Black and Decker, CareFirst Blue Cross Blue Shield, Constellation, MedStar Health, Northrup Grumman, Under Armour, and T. Rowe Price.
“The buyer acquired an institutional-quality and fully-leased asset, while also adding two strategically-located Goddard School franchises to their core holdings,” stated MacKenzie’s Grieves. “Proactive and decisive actions on their part positioned Baltimore Key RE as the preferred buyer, and MacKenzie’s vertically-integrated platform provided a timely conclusion and project financing to this transaction. Finding quality childcare solutions remain difficult to families and the new owners have secured two high-performing franchises and Class A real estate product that will increase in value over the long-term.”
“With this transaction, our team has now sold two Baltimore City-area Goddard Schools in the past two years, which exemplifies the strength of this brand in the early education category and the success it has achieved locally,” stated KLNB’s Princpal, Chris Burnham. “Well located, single-tenant daycare facilities remain in high demand throughout the greater Baltimore metropolitan region and larger Mid-Atlantic market, and the new owner acquired an institutional-quality asset.”
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates five full-service divisions addressing all real estate asset classes including MacKenzie Management Company, MacKenzie Contracting Company, MacKenzie Capital, and MacKenzie Investment Group. The company provides customized real estate solutions for institutional owners, investors, private companies, and individuals. For additional information, visit www.mackenziecommercial.com
