Warfield Cos. Buys, Rebrands Historic Complex
- Jul 16, 2018
Warfield Cos. has bought a 91-acre mixed-use property located on MD Route 32 in Sykesville, Md. The lot includes 12 buildings, three of which have been renovated and are occupied by Nexion Health, Zeteo Tech and The Carroll County Dance Center. The new owners plan to renovate and reposition the rest of the buildings and add new constructions. The complex will be rebranded as Warfield at Historic Sykesville.
Upon completion, the development will feature 600,000 square feet of Class A office, industrial and retail space, 180 residential units, a full-service hotel and a 27-acre park. Elm Street Development has purchased the first phase of the project—145 townhouses—with groundbreaking scheduled this month. The company will work with a national contractor and the first homes will be delivered early next year. The next phases will focus on hospitality and retail uses.
Lee & Associates will oversee leasing and marketing activities for the commercial, retail and hospitality components. “The development team is optimistic about the timing of this project and its position in the market,” said Dennis Boyle, associate with Lee & Associates, in prepared remarks. “There is a pent-up demand for commercial space in Carroll County due to limited delivery of new space in recent years, particularly within the medical, health care and research sectors.”
The existing buildings—totaling 185,000 square feet—carry historical designations from the National Park Service and Maryland Historical Trust. Interstate 70, Interstate 795 are both easily accessible from the site. According to a recent Yardi Matrix report, development activity is strong in Baltimore, with several mixed-use projects underway.
Image courtesy of Warfield Cos.