Building Tenants Takeover 17,000-SF Office Structure

TOWSON, MD-Big changes are in store for the property at 400-402 E. Joppa Rd., now that two of the building’s tenants–Jeffrey Brown Contracting and Shannon Business Systems–have joined forces to purchase and renovate the 17,000-sf structure. The new owners, referred to jointly as 400 E. Joppa LLC, handed over $1.1 million to seller Freestate Mortgage Co. Inc. in return for the four-story building, and will spend an additional $1 million in upgrades. According to Baltimore County records, 400 E. Joppa has a 2003 assessed value of $1.3 million.

“These business owners recognized the upside potential of this building, if necessary improvements were made to modernize the structure,” says NAI KLNB Inc.’s Joe Nolan. He and colleague Walter Patton represented the tenant as well as the property owner in the transaction. “The one element that cannot be altered is the location of the building, which features a strategic position near the Towson Circle and Towson Town Center,” he adds. “With building sales so seldom in Baltimore County, this represents an excellent long-term investment.”