Merritt Properties Acquires Baltimore-Area Office Asset
- Nov 01, 2019
Merritt Properties has acquired Schilling Green III, the former home of McCormick & Co. in Hunt Valley, Md., bringing its portfolio in the Interstate 83 corridor to 1.4 million square feet. According to Yardi Matrix data, the seller was Greenfield Partners, which previously purchased the asset in 2012 for $14.5 million. Merritt plans to fully upgrade the vacant building and achieve LEED Silver certification by spring 2021. Merritt Construction Services, the construction division of Merritt Cos., will be in charge of redeveloping the 98,640-square-foot asset.
Cris Abramson, Nicholas Signor and Ben McCarty of Newmark Knight Frank’s Maryland Capital Markets represented the seller in the transaction, marking the fourth office deal the team closed in Hunt Valley this year. Earlier this year, the firm facilitated the sale of North Park, another office building part of Greenfield’s portfolio.
Close to the region’s top businesses
Schilling Green III is located at 226 Schilling Circle, within a half-mile radius of five other Merritt properties which also include Schilling Green, a similar building that Merritt redeveloped in 2008. Schilling Green became the first speculative project in the Interstate 83 corridor to receive LEED certification.
The three-story property was completed in 1980 and features a grade-level parking structure for up to 395 vehicles. According to Yardi Matrix data, the building is divided into three floor plates of 32,880 square feet.
The nearby area is home to several of the region’s top employers: ArmadaCorp Capital, Atradius Trade Credit Insurance, EA Engineering, New York Life, Omega Healthcare Investors Inc. and RBC Royal Bank. Tenants have access to more than 1 million square feet of retail space and amenities as well as light rail and bus transportation options.