SPARKS, MD-The former BPG Properties, now called Equus Capital, has sold a two-building office complex here for $23.7 million. The property, Tower Point at the Highlands, traded to an affiliate of Greenfield Partners.
Tower Point at the Highlands, a 162,646-square-foot portfolio, consists of two class-A campus-style office buildings located at 920 and 930 Ridgebrook Rd. They are located within a planned business park along the I-83 corridor and are 96% occupied. There is no near-term tenant rollover.
Cristopher Abramson, Brian Kruger and Nicholas Signor of Cushman & Wakefield’s Capital Markets group represented Equus Capital Partners. The property traded at a discount to replacement cost, Abramson says. “This is state-of-art facility originally built as multi building campus for one company,” he tells GlobeSt.com. “The replacement costs are well north of $200 per square foot. The buyer bought it for well south of that.”
The property serves as the corporate headquarters for three tenants: Fundamental Long Term Care Holdings, LLC, FILA U.S.A., Inc and MobilexUSA. It also contains a 13-acre pad site approved for an 81,000 square foot office building.
Cushman & Wakefield also helped the buyer secure the acquisition financing–a $17 million fixed-rate, five-year loan from J.P. Morgan. Gideon Gil, Alexander Hernandez, and Sridhar Vankayala of Cushman & Wakefield’s Equity, Debt and Structured Finance team represented the sponsor.