COLUMBIA, MD–A joint venture partnership between Feldman Bergin Development and Fortified Property Group has acquired a three-building portfolio in the Columbia North submarket of Howard County.
Located at 8970, 8980 and 8990 Route 108 Columbia, the flex/office properties are 74% leased to multiple tenants. All three buildings are located within the Oakland Ridge Center. Jonathan Carpenter and Graham Savage of Cushman & Wakefield represented the seller in this transaction.
“In addition to acquiring this portfolio significantly below replacement cost, we determined the strong upside potential for the buildings with aggressive leasing and implementation of a cost-efficient asset management program,” Robert Bergin, co-founder of Feldman Bergin Development said in a prepared statement.
He pointed to the current health and long-term growth prospects of the commercial office sector in this Howard County submarket, specifically Columbia North submarket's existing 7.2% vacancy rate for single-story office/flex space, “a figure that has hovered in the 6.4% range over the past five years.”
He also noted that “the construction of speculative buildings in this category has ground to a standstill in Howard County, in part due to the escalating costs of available land.”
The partnership expects to be able to quickly lease the portfolio to 100% based on these current market fundamentals.
COLUMBIA, MD–A joint venture partnership between Feldman Bergin Development and Fortified Property Group has acquired a three-building portfolio in the Columbia North submarket of Howard County.
Located at 8970, 8980 and 8990 Route 108 Columbia, the flex/office properties are 74% leased to multiple tenants. All three buildings are located within the Oakland Ridge Center. Jonathan Carpenter and Graham Savage of Cushman & Wakefield represented the seller in this transaction.
“In addition to acquiring this portfolio significantly below replacement cost, we determined the strong upside potential for the buildings with aggressive leasing and implementation of a cost-efficient asset management program,” Robert Bergin, co-founder of Feldman Bergin Development said in a prepared statement.
He pointed to the current health and long-term growth prospects of the commercial office sector in this Howard County submarket, specifically Columbia North submarket's existing 7.2% vacancy rate for single-story office/flex space, “a figure that has hovered in the 6.4% range over the past five years.”
He also noted that “the construction of speculative buildings in this category has ground to a standstill in Howard County, in part due to the escalating costs of available land.”
The partnership expects to be able to quickly lease the portfolio to 100% based on these current market fundamentals.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
