HFF senior managing director Jon Mikula and associate director Michael Klein worked exclusively on behalf of the Hampshire Cos. to secure the fixed-rate loan through Maryland Bank & Trust Company, NA. Loan proceeds will be used for capital and tenant improvements and leasing commissions.
Pax River Office Park has five low-rise office buildings and two flex buildings that are 97% leased to tenants including Naval Air Systems Command, Lockheed Martin, EMA, CACI and Serco. The property is located on Great Mills Road in Lexington Park, one mile from the Patuxent River NAS, which is home to three major Navy commands.
"Pax River Office Park's proximity to the NAS provides it with a distinct competitive advantage as fierce competition for government contracts draws and retains tenants to the office park," Mikula tells GlobeSt.com.
HFF's Florham Park office also recently arranged a $2.1 million refinancing for a free-standing Duane Reade pharmacy in Yonkers, NY on behalf of the Hampshire Cos. Mikula and Klein placed the fixed-rate loan with Intervest National Bank.
The Duane Reade pharmacy is located at 180 McLean Ave., near the Saw Mill River Parkway and Route 9A. Completed in 2004, the property is 100% leased to Duane Reade with 12 years remaining on a 15-year lease.
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