From an economic standpoint, the remedy can be found in entrepreneurship, he added.
For instance, in New York 2.7 percent of the city's contracts are with minority-owned businesses, yet 64 percent of the population is minority, Peebles said. Baltimore's numbers are better, but not by much, he added. However, he noted that Washington, D.C., has a much higher level of entrepreneurship, and "doesn't see this type of unrest."
"Locally based, minority-owned businesses will actually hire minority residents," Peebles said. "This is a long-term solution for a problem that's been long coming."
Read More Obama: Baltimore riots 'counterproductive' and 'no excuse' for it
Short-term, he believes Baltimore needs to give the business community comfort that the city is a safe place to invest.
On Monday, looters ransacked stores, pharmacies and a shopping mall while clashing with police. The unrest was the most violent in the United States since last year's riots in Ferguson, Missouri.
Maryland Gov. Larry Hogan declared a state of emergency Monday and a one-week curfew was imposed starting Tuesday night.
Baltimore-based fund manager T. Rowe Price said it would close its downtown office on Tuesday while Legg Mason, also headquartered downtown, said its office would be open but it was encouraging employees to work from home.
Former Baltimore Mayor Kurt Schmoke, now the president of the University of Baltimore, called the economic impact "serious."
When the mayor and governor called out the National Guard, they knew it would have a ripple effect for quite a while, he said in an interview with "Closing Bell."
"It is the last resort that any city wants to turn to," Schmoke said. "You can count the dollars in damaged property right now but the future impact, that business that's not going to come here or conferences that were thinking about Baltimore now going elsewhere, it's hard to predict."