How Fitzgerald Realty Group & Ruppert Properties Transformed Monocacy Trading Center

December 11, 2019

In 2014, Fitzgerald Realty Group saw an opportunity to revitalize a vacant industrial building just outside of the Frederick City limits.

“Based on our years of experience in the commercial market, it appeared to be an attractive investment opportunity,” Seamus Fitzgerald, executive vice president of Fitzgerald Realty Group, said. “We had a relationship with Ruppert Properties and knew this would be a good fit for them based on their investment criteria and expertise in the market.”

Ruppert Properties, a Maryland-based real estate investment and development company, decided to move quickly on the acquisition of the building and invited Fitzgerald Realty Group to join the project in an advisory role.

The primary goal of the revitalization of the property at 8301 Retreat Road was to make the building attractive to today’s industrial tenants, and a long list of interior and exterior items needed to be addressed before the building was ready for new occupants.

The renovation began with clearing and removing the overgrown weeds and vegetation, overhauling the sprinkler system, including the 600,000-gallon storage tanks and pump house, and demolishing the non load-bearing interior walls.

Next, the exterior metal skin, windows, and doors were replaced; old fencing removed; a brand-new electronic security gate installed; the driveway and parking areas resurfaced; and the railroad crossing upgraded.

The next phase of the overhaul included new parking lot, exterior and security lighting, and the installation of multiple loading docks and drive-in doors in preparation for multi-tenant use.

Modernization of the building systems included plumbing, electrical, and HVAC, which presented unique challenges of their own. A blockage in the plumbing system required a special video-enabled scope to locate and identify the problem. Another challenge was tracing the very complex electrical system through multiple transformers and the original switchgear.

One of the most important tasks was the roof inspection. The team used the latest infrared- scanning technology to analyze the roof and identify trouble spots that needed to be repaired or replaced. This equipment was so sensitive that the analysis was performed at night in order for the sunlight to be absorbed by the roof throughout the day and not interfere with the results.

The project was finished by painting the interior, installing high-efficiency warehouse lighting, and bringing high speed Internet to the building.

Once these building improvements were underway, Ruppert Properties tasked FRG with leasing the property. FRG leveraged its extensive database of tenants and brokers to get the word out about this revitalized industrial facility.

A lease was quickly signed with a tenant who took 110,000 square feet, which was followed by a 60,000-square-foot tenant, taking the property to 85 percent leased. In two short years, Monocacy Trading Center was renovated, repurposed, and converted for multi-tenant use.

In 2017, Ruppert Properties and Fitzgerald Realty Group, Inc. won the Frederick Real Estate Dealmakers Modern Masterpiece Award for Monocacy Trading Center in Walkersville, Maryland. This award is given to the best renovation that brought a property back to life.

One space remains in the building, a 30,000-square-foot unit with dock and drive-in loading, outside storage, and a 22-foot clear height. It’s competitively priced at $4.95 per square foot NNN. The facility is professionally managed by building owner Ruppert Properties, an experienced landlord with decades of management experience.