FREDERICK, MD – The City of Frederick has filed a petition with the Frederick County District Court to appoint St. John Properties, Inc. in a receivership role for 123-125 North Market Street, a 9,337 square foot building in downtown Frederick that was formerly occupied by Asiana Restaurant.  The restaurant closed in 2001 and the vacant structure is on the City’s Blighted Property Structure List. St. John Properties is a full-service commercial real estate development and management firm that has developed more than 1.5 million square feet of commercial space in the greater Frederick region since 1996.

According to Frederick Mayor Michael O’Connor, the City has had a receivership ordinance in place since 2013 in an attempt to resolve property code violations at 123-125 North Market Street. These issues include unsafe conditions, a blighted appearance and overall disrepair of the property. The City initiated these actions as part of a strategy to rehabilitate and eventually sell the asset.

“Our team is extremely familiar with the Frederick real estate landscape and we are adept at executing proven strategies to add value to a range of asset classes,” stated Matt Holbrook, St. John Properties Regional Partner for Virginia and Central Maryland. “Upon selection as the receiver for this property, we intend to fully assess the situation, secure and stabilize the property, and properly position it for sale. This property is a prime piece of real estate, and we are honored to have the opportunity to improve the vibrancy of an important section of downtown Frederick, and have a positive impact on the community.”  

St. John Properties Frederick area business communities include Arcadia Business Park, which includes more than 500,000 square feet of space across 61-acres; EastPark, a 77-acre project that can support nearly 500,000 square feet of space; Riverside Tech Park, a 70-acre mixed-use community including more than 750,000 square feet of space, and the 49-acre Westview Business Park, which includes nearly 440,000 square feet of space.

Founded in 1971, St. John Properties, Inc. is one of the nation’s largest and most successful privately held commercial real estate firms. The company is distinguished by its commitment to customer service, achievements in green building, and top-rated workplace culture. Throughout St. John Properties’ 53-year history, the company has developed more than 24 million square feet of flex/R&D, office, retail, and warehouse space and has investments in over 3,000 residential units. The company proudly serves more than 2,600 clients in Colorado, Florida, Louisiana, Maryland, Nevada, North Carolina, Pennsylvania, Texas, Virginia, Utah, and Wisconsin. For more information about the company, visit www.sjpi.com.