Greenfield Partners Sells 297 KSF Baltimore Office Portfolio
- May 30, 2019
Newmark Knight Frank has recently orchestrated the sale of North Park, a 297,500-square-foot office portfolio in the Hunt Valley area in Cockeysville, Md., roughly 20 miles north of Baltimore. Acting on behalf of Greenfield Partners, the commercial real estate advisory firm sold the thee-building complex to North Park Ventures LLC.
North Park encompasses the low-rise towers at 4, 6 and 10 N. Park Dr., all three of which opened their doors for the first time in the 1980s. 4 N. Park is the largest of the properties, with 128,300 square feet of space, including 2,000 square feet of ground-level retail offerings. The building at 6 N. Park encompasses 81,500 square feet, while 10 N. Park features 87,700 square feet. Together, the Class B buildings, which were most recently renovated between 2009 and 2012, are 94 percent leased.
Greenfield had owned North Park since 2014, when the company came into possession of the properties as part of a 6.6 million-square-foot portfolio purchase from Liberty Property Trust. According to Maryland records, Greenfield paid a total of approximately $40.8 million for the three buildings five years ago. NKF’s capital markets team behind the disposition of North Park included Cris Abramson, Nicholas Signor and Ben McCarty.
A go-to market
Metropolitan Baltimore recorded $684 million in office sales volume in 2018, and while 2019 got off to a slow start, the area is still considered a solid market for office investment. According to a first quarter report by NKF, macro issues notwithstanding, capital continues to target the metro area given its steady leasing performance, which is buoyed by the education/health sectors and the cybersecurity industry. Baltimore has posted positive net absorption for 19 of the last 21 quarters.
Notable office transactions in the Greater Baltimore area over the last six months include Goldman Sachs & Co.’s sale of 180 Admiral Cochrane Drive, a 125,700-squre-foot property in Annapolis, to Grander Capital Partners for $24.5 million last fall. More recently, Greenfield sold the 337,300-square-foot International Circle Portfolio in Hunt Valley to a local, family-owned investment and development company. NKF represented the sellers in both transactions.