Terry Hindermann, principal at the firm, though, did tell GlobeSt.com that it will be investing some $3.5 million in renovations to transition the single-use building to a facility that could support multi-tenants as well as develop parking on part of the 18 acres that is included in the purchase. The firm is acquiring the building from PNC, which acquired Mercantile Bank.
Altus has tapped CB Richard Ellis to lease the facility, called Hammonds Ferry Corporate Center CBRE's Joe Ruzecki and Ben Meisels will be handling the account. The building, located at 618-766 Old Hammonds Ferry Rd., is expected to ready for new tenants in January 2008.
The lease up strategy will focus on one of the building's key strengths, Hindermann says--its location close to the BWI Airport. "One reason why we like the BWI Corridor is because the Base Realignment and Closure is fueling new commercial tenant activity and job growth." Other acquisitions in the region by the firm include the Steiff Silver Building located on I-83 near Johns Hopkins University and the Ridgeview Plaza Shopping Center on Route 175 at the north gate of Ft. Meade in Anne Arundel County. Altus spent in the aggregate almost $40 million for these properties. According to Hindermann, it is looking at spending another $50 million over the next 12 months. "We are evaluating two or three other possibilities right now, including retail," he says.
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