1.1M-SF Office/Industrial Portfolio Changes Hands

HANOVER, MD-A record has been set in the Washington-Baltimore metropolitan commercial real estate market with the sale of SSR Realty Advisors’ 1.1-million-sf portfolio–the largest office/industrial portfolio in the region–to LaSalle Investment Management in a $53.2 million deal. Acting on behalf of institutional clients, SSR listed the two-park property through CB Richard Ellis back in April. LaSalle acquired the 13-building portfolio on behalf of CalEast.

The structures in the two mixed-use parks include office, flex, light industrial and bulk industrial spaces just outside of the Baltimore-Washington International Airport, and not far from the port of Baltimore. Located off Interstate 95, Parkway Business Center consists of 825,000 sf and leases industrial space for approximately $4 per sf, triple-net, and office space at about $9.50 per sf. The second park, the 274,000-sf Brandon Woods Business Park, sits off Interstate 695 and is completely occupied by software developer Commerce Corp., which leases its space for $4.25 per sf. On the whole, the entire portfolio is 95% occupied. Other tenants include Danaher Corp., Lockheed Martin, SBC Communications, Sprint, ASRC, and Mantech.