JV Purchases 4th Baltimore-Area Asset for $7M
- Feb 15, 2018
A joint venture between Feldman Bergin Properties and Fortified Property Group has acquired their fourth industrial asset in Howard County, Md. An affiliate of ShoreGate Partners sold the multi-tenant property for $7.2 million.
The 81,000-square-foot flex/light industrial building is situated at 9176 Red Branch Road in Columbia, approximately 22 minutes from downtown Baltimore and 44 minutes from Washington, D.C. At the time of the transaction, the building was fully occupied by several tenants, including Ark Systems, Joseph’s Refinishing and Xcision Medical Systems.
The single-story building constructed in 1973 is close to two major thoroughfares, routes 29 and 100. Shopping and dining options can be accessed along Route 108, a few minutes away. Baltimore/Washington International Airport can be reached in approximately 15 minutes; downtown Baltimore is 20 miles away and Washington, D.C., 25 miles from the property.
Co-Founder & Principal of Feldman Bergin Properties Evan Feldman pointed out that the company will remain bullish in Howard County, which presents long-term investment opportunities. Recently, the partnership purchased an office portfolio in Howard County, totaling 85,000 square feet across three buildings. The new acquisition is about one mile away from the office properties.
“Howard County’s strategic placement among the largest metropolitan statistical areas in the country translates to continuing opportunities for the diverse industry base. Based on our research, the Columbia North submarket consistently outperforms neighboring areas with its current 7.2 percent vacancy rate for single-story office/flex space. We plan to build upon the critical mass of office space in this region because we remain extremely confident about the long-term fundamentals present,” said Feldman in a prepared statement.
NKF’s Cris Abramson, Ben McCarty, Brian Kruger and Nicholas Signor worked on behalf of the seller, while the Bergin-Fortified partnership had in-house representation.
Image courtesy of Feldman Bergin Properties, Fortified Property Group