The building will be the headquarters for Skyland Industries Inc. and affiliate Heavyweight Title Co., a provider of title services in the Baltimore region, both of which now headquarter in Owings Mills. Baltimore-area brokers Ken Bernstein of Abeshouse Partners represented Skyland and John Macsherry of Trammell Crow Co. represented the owner, Owings Mills LLC.
Owings Mills Commerce Center is a 132,766-sf, two-building complex situated in the 1.4-million-sf Business Center at Owings Mills about 15 miles northwest of Baltimore. With the Skyland lease, 11500 Cronridge is now fully occupied. There is 22,650 sf available in 11460 Cronridge.
Roger Byecroft, vice president of Asset Management for BPG in Reston, tells GlobeSt.com that the owner is particularly pleased with landing Skyland because it is an office tenant and not a flex user. The owner is trying to weight the complex with office tenants, he adds.
Owings Mills' tenant roster includes Ryan Homes in 7,372 sf of office space; NovaTech, 24,500 sf of which most is office space and a light-assembly area; distribution company Ademco, occupying more than 10,000 sf; and a small day care center in about 4,200 sf.
"The repositioning strategy is a combination of making strategic repairs to the property, such as the facade as well as other renovations and expanding the parking facilities," Byecroft says, adding the owner has invested more than $5 per sf into renovations, repairs and landscaping since last year's acquisition. Renovations are expected to be complete in February.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
