The market rate for a comparable flex/office building would beapproximately $14 per square foot, Transwestern SVP Tom Gentner,tells GlobeSt.com. Genter, along with SVP Brian Watts, representedH&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 CommonsBusiness Park. Other tenants in the building include Tektron MicroElectronics, Eden & Tye and Press Express.
Demand for space in Hanover has been steady, Gentner says,particularly this part of the submarket. Bristol Business Center isliterally located a stone's throw from BWI Airport, he says. Theflex 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.
