The market rate for a comparable flex/office building would be approximately $14 per square foot, Transwestern SVP Tom Gentner, tells GlobeSt.com. Genter, along with SVP Brian Watts, represented H&B Investments, in the transaction.
Also known as the Bristol Business Center, 7483 Candlewood Rd. is a 67,550-square-foot flex building in the Baltimore Commons Business Park. Other tenants in the building include Tektron Micro Electronics, Eden & Tye and Press Express.
Demand for space in Hanover has been steady, Gentner says, particularly this part of the submarket. Bristol Business Center is literally located a stone's throw from BWI Airport, he says. The flex vacancy rate for Hanover, according to Transwestern figures, is 4.8%, he says. Office is not performing as well, with a 13.8% vacancy rate, including subleases.
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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.
