BALTIMORE, MD-Towson Commons, a 401,775-square foot mixed-use project has traded here for an undisclosed price. Garrison Investment Group snapped up the property at a cap rate somewhere in the mid-6s, Cassidy Turley's James S. Wellschlager tells GlobeSt.com.
Wellschlager and colleague Jonathan M. Carpenter represented the seller, Towson Commons HH LLC/Capmark REO Holdings LLC in the transaction.
The local community will be happy to see some movement with this property, which has been sitting at 70% occupancy in the heart of downtown Towson for some years, Wellschlager says. "The property was originally purchased in '05-'06 as a potential redevelopment play and it ended up going back to Capmark."
Wellschlager declined to provide pricing and was only able to give a rough estimate of the cap rate. "The cap rate on in place is hard to quantify completely because there are so many moving parts and this is a value add play," he says.
Towson Commons, which is located at 1 West Pennsylvania Avenue and 40 West Chesapeake Avenue, recently had its main office tenant, General Dynamics Information Technology, renew and expand to 146,000 square feet. Also, a 48,000-square foot LA Fitness plans to occupy a former movie theater space at the end of this year.
The majority of the retail portion--some 40,000 square feet--is vacant. "We showed the property almost 30 times and had 16 offers," Wellschlager says. "There was tremendous interest in it because it has stable income and credit-worth tenants."
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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.
