OWINGS MILLS, MD—CSG Partners LLC has purchased the Owings Mills Business Center and Owings Mills Corporate Center here for $13 million.
The Baltimore-based firm plans to renovate the 180,000-square-foot flex complex and convert the buildings to office use. CSG Principal Alan Grabush says, "We feel that the market is improving along with other suburban office locations. We believe that these buildings—as well as the submarket—are really geared toward back office operations and/or high tech manufacturing research and development."
Jonathan M. Carpenter of Cassidy Turley negotiated the sale of the property on behalf of seller, First Potomac Realty Trust, according to the Baltimore Business Journal. Colliers International Baltimore is marketing the complex for lease.
CSG intends to remove some of the truck loading features on the building and clear vacant spaces down to the shell to make them more marketable to tenants. The complex, which includes 11421 and 11425 Cronhill Drive and 11460 and 11500 Cronridge Drive, is currently about 50% leased. See story in the Baltimore Business Journal.
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