Klein Enterprises Expands Baltimore Office Footprint
- Jul 10, 2018
Through an affiliate, Klein Enterprises has purchased 7152 Windsor Blvd. in Rutherford Business Park, which is part of Baltimore’s Windsor Mill, Md., submarket. The acquisition reportedly boosts the locally based company’s commercial portfolio to more than 2.1 million square feet.
The 57,855-square-foot, single-story office building is fully leased by Leidos Innovations Corp., a subsidiary of defense contractor Leidos (formerly known as SAIC), through February 2023. Leidos operates two federal government contracts at the property, supporting Social Security Administration and Internal Revenue Service joint programs.
“The addition of 7152 Windsor is consistent with our strategy to expand our commercial portfolio,” Daniel Klein, president of Klein Enterprises, said in a prepared statement. “We remain focused on acquiring well-located, quality properties such as 7152 Windsor, which contribute to the increasing strength and diversification of both our commercial asset base, as well as our entire portfolio.”
The seller was CSG Partners, also of Baltimore, which had purchased the building from Corporate Office Properties Trust in late 2011, in a $32.5 million portfolio sale, according to information provided by Yardi Matrix. The Class C building was completed in 1986 in the unincorporated community of Gwynn Oak, Md.
Financials on the deal were not disclosed. Neither Klein Enterprises nor CSG Partners replied to Commercial Property Executive’s requests for additional information.
A metro facing uncertainty
At least from the standpoint of job growth, Baltimore’s economy is doing passably, according to a first-quarter report from Mackenzie Commercial Real Estate Services. It notes that the latest figures indicate that education and health services have led job creation, and that the Port of Baltimore continues to be a mainstay of the metro’s economy, though a full-on trade war could undermine even the port.
The office market in the Baltimore County West submarket has an average direct vacancy of 12.0 percent and modest absorption. The weighted average asking rent is $20.61, having risen slightly over the past couple of quarters, per the Mackenzie report.
Image courtesy of Yardi Matrix