FULTON, MD-St. John Properties has become a part owner of three buildings in the Maple Lawn 600-acre mixed-use community here, buying a stake in 8161, 8170 and 8171 Maple Lawn Blvds., for $65.7 million from owner Greenebaum & Rose Associates. The two firms have worked together in earlier projects, but this partnerships looks to be a long-standing one as it also includes the potential to be a 50% partner in the development of an additional 670,000-square feet of office and more than 100,000-square feet of additional commercial space such as retail. “It was a good deal for both, as a year ago those buildings wouldn’t have had that value and there wouldn’t have been the level of interest that there was in the offer,” HFF’s Dek Potts tells GlobeSt.com.
Potts, along with colleague Jim Meisel, represented Greenebaum in the transaction. Owner Stewart Greenebaum approached the firm looking to either sell the buildings, recapitalized them or bring in a venture partner, Potts says. “St. John had the best offer, buying a 50% interest in these existing buildings and agreeing to become a partner in the future development.”
Greenebaum acquired the land for Maple Lawn some 20 years ago and set up to build into a high-end mixed use community equidistant between Washington, DC and Baltimore. St. John Properties, which cut its teeth on flex development, has been diversifying its development portfolio over the last few years to include office and retail, such as its work at the GATE at Aberdeen Proving Ground.
The three buildings it acquired joint stakes in at Maple Lawn total 285,000 square feet. They are 97% occupied, by such tenants as Raytheon Solipsys, Offit Kurman, AAA, Pearl Spa and New Day Financial.
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