Ruppert Properties Buys Three-Building Office Portfolio in Columbia’s Rivers Technology Park
- Mar 23, 2015
Three more Greater Baltimore office properties have recently changed hands. The three buildings are all part of the Rivers Technology Park, in Columbia.
Ruppert Properties paid a total of $8.15 million to purchase the single-story properties at 9125, 9135, and 9145 Guilford Road. Greenfield Partners, LLC was the seller. It was represented in the transaction by DTZ’s Baltimore Capital Markets team.
The three-building portfolio offers 85,216 square feet of space. According to PropertyShark, Greenfield Partners bought the properties in April 2012 from Liberty Property Trust. The purchase price was $7.95 million.
According to Marcus & Millichap’s Baltimore Office Research Report for 2015, overall transaction velocity will remain stable in the area this year, as deal volume expands slightly. While the number of transactions will remain relatively steady, the price per square foot will continue to rise, driven by investor interest, which is expected to exceed supply. Marcus & Millichap also said that properties in Columbia, Annapolis, Baltimore and along Highway 83 will stay in high demand, and will create bidding competition. Greater Baltimore office vacancies are expected to drop to 14.5 percent this year, with rents increasing 0.9 percent, to $21.28 per square foot.