Savills Studley Arranges $1.9M Sale for Poverni Sheikh Group

08 August 2017

Savills Studley, the leading commercial real estate firm specializing in tenant representation, represented Poverni Sheikh Group (PSG) in the purchase of a 8,100-square-foot industrial flex building located at 1413 South Haven Street in Baltimore’s Canton neighborhood. The real estate company plans to redevelop the property into a 110,000-square-foot Extra Space Storage facility.

Known for its adaptive reuse of historic and distressed structures and self-storage development expertise, PSG is a full-service real estate development company based in Baltimore. The firm provides development, brokerage, construction and property management services in addition to maintaining a diverse real estate portfolio of mixed-use, office and multifamily projects.

“Acquiring the South Haven property was part of our continued strategy to identify, procure and redevelop unique real estate assets that improve and add value to surrounding communities,” said Greg Kostrikin, principal at PSG. “The market intelligence and experience from the Savills Studley team helped inform and affirm our purchase decision. We’re so pleased to have South Haven as part of our growing portfolio.”

Built in 1916, the 1413 South Haven property boasts 36-foot ceilings, a loading dock and a drive-in bay. PSG acquired the flex building for $1.93 million from South Haven, LLC. 

The Savills Studley team included Baltimore brokers George Santos, senior managing director, and Ryan Miller, managing director.

“The acquisition of the South Haven property signals PSG’s expanding footprint and growth in the market. Being a Canton resident myself, this transaction was extremely memorable as the area continues to see new residential and commercial developments,” said Miller. “This is the second sale we have arranged for PSG in four years and we look forward to securing more locations in the future.”

Savills Studley launched its Baltimore office in 2015, expanding the firm’s footprint in the Mid-Atlantic region. The office delivers sophisticated real estate advisory and transaction services to the area’s top tenants, including government, non-profit, education, healthcare, legal, technology, financial and industrial users. Since opening, the Baltimore location has developed a track record of achievement and creative problem-solving for clients of all sizes and across all industries.