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HANOVER, MD-A record has been set in the Washington-Baltimore metropolitan commercial real estate market with the sale of SSR Realty Advisors’ 1.1-million-sf portfolio–the largest office/industrial portfolio in the region–to LaSalle Investment Management in a $53.2 million deal. Acting on behalf of institutional clients, SSR listed the two-park property through CB Richard Ellis back in April. LaSalle acquired the 13-building portfolio on behalf of CalEast.

The structures in the two mixed-use parks include office, flex, light industrial and bulk industrial spaces just outside of the Baltimore-Washington International Airport, and not far from the port of Baltimore. Located off Interstate 95, Parkway Business Center consists of 825,000 sf and leases industrial space for approximately $4 per sf, triple-net, and office space at about $9.50 per sf. The second park, the 274,000-sf Brandon Woods Business Park, sits off Interstate 695 and is completely occupied by software developer Commerce Corp., which leases its space for $4.25 per sf. On the whole, the entire portfolio is 95% occupied. Other tenants include Danaher Corp., Lockheed Martin, SBC Communications, Sprint, ASRC, and Mantech.

“The asset has been held for about 12 years,” CB Richard Ellis’s Bill Prutting Jr. tells GlobeSt.com of the owner’s desire to sell, “and despite the downturn in the overall economy, the market has held up very well.”

A bevy of factors made the portfolio an attractive buy, specifically its diverse product type. “It also has a very strategic location,” Prutting adds.

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