Hager 5 LLC has bought more property in downtown Hagerstown as part of its plan to revitalize an area along West Washington Street.
According to online land records, the group purchased a building at 81-83 W. Washington St. that houses The Columbia Bank and the Washington County Office of the Public Defender. The building is east of the Washington County Courthouse.
As part of the deal, Hager 5 also acquired the parking lot behind the bank building. The lot is listed as 50-58 W. Antietam St.
The group bought the parcel for $1.36 million in February from The Columbia Bank, according to the deed.
"This is just another strategic purchase to help with our USM project," said Gregory Snook, a partner in Hager 5, referring to the group’s rehabilitation of 43-53 W. Washington St. to make space for University System of Maryland at Hagerstown programs and other uses.
"It’s critical in the long range to add additional parking, so that was our thinking," Snook said.
The bank, he said, "wanted to downsize and not own the property anymore."
The bank and the public defender’s office are still tenants in the building, he said, and Hager 5 is hoping to recruit others.
In the next few weeks, Hager 5 will install new equipment in the paid parking lot.
"We’re just upgrading the equipment," Snook said. "The equipment out there is probably 10 to 12 years old."
Snook, Paul Crampton and John Barr are the partners in Hager 5.
According to its website, The Columbia Bank has been part of the community since 1988. In 2009, its sister banks, Hagerstown Trust Co., which was founded in 1933, and The Peoples Bank of Elkton, which was founded in 1923, merged into The Columbia Bank.
The Columbia Bank is part of the Fulton Financial Corp., a $17 billion financial-services holding company that serves Pennsylvania, New Jersey, Maryland, Delaware and Virginia. The Columbia Bank serves Anne Arundel, Baltimore, Cecil, Frederick, Howard, Montgomery, Prince George’s and Washington counties, plus Baltimore City in Maryland.
During a work session in April, the Hagerstown City Council heard an update on the work being done at 43-53 W. Washington St. Hager 5 plans to invest $1.5 million in that area, creating retail, educational and residential space.
At that time, Snook said the current tenants at 51-53 W. Washington St., including The Potomac Bead Co., agreed to continue leasing from the group.