Baltimore-Washington Corridor Office Building Sells for $9.35M
- Feb 25, 2015
A Greater Baltimore office property recently changed hands. The Dorsey Business Center, in Elkridge, was acquired by a joint venture of CSG Partners and Blue Vista Capital, for $9.35 million.
The five-story office building is located at 6810 Deerpath Road. It offers 77,797 square feet of space and 349 parking spaces. The property was constructed in 1987, on a 4.42-acre site. In the last years, it received significant renovations, which brought new lighting and carpeting as well as improvements to the lobby and common areas.
Delma Properties, Inc. was the former owner of the Dorsey Business Center. According to PropertyShark, the company purchased the building in 2002, for about $6.6 million. The same real estate website lists the property’s current market value at approximately $6.3 million.
DTZ’s Baltimore Capital Markets team represented the seller in the transaction. The team included Jonathan M. Carpenter, Nicole R. Keelty and Graham Savage.
According to DTZ’s latest market report, office vacancy in the Baltimore metro area decreased to 15.65% at the end of 2014, as a result of 156,843 square feet of positive absorption in the fourth quarter of the year. The Northern Baltimore-Washington Corridor office market continues to command approximately 60% to 75% of the total positive absorption in the Baltimore metropolitan region. Thanks to almost 100,000 square feet of positive net absorption in Q4 2014, the vacancy rate in the NBW Corridor decreased to below 13%. Meanwhile, the metro area’s overall asking rent increased slightly to $22.41 per square foot, from $22.23 per square foot at the end of the third quarter.
Charts courtesy of DTZ.