Three-Building Flex Property Sells for $11M

ODENTON, MD-In a deal valued at $11.2 million, a change of ownership has been orchestrated for Arundel Crossing West. First Industrial Realty sold the three-building flex portfolio, which accounts for a total of more than 125,000 sf, to Mullan Enterprises. Brokers of real estate services firm NAI KLNB represented both the seller and the buyer.

Located near MD Routes 170 and 175–where Blair Dr., Winmeyer Ave. and Lamont Ave. meet–the 14-year-old Arundel Crossing West provides both office and flex space, and is nearly fully leased at a 96% occupancy level. Taking up 49% of the space, the US Army Corps of Engineers is the lead tenant, a noted factor that contributes to the property’s status as a solid investment.