The two buildings total 198,000 net rentable sf and include 844parking spaces. Located off the Baltimore Beltway in thePikesville/Owings Mill submarket, the properties are part of theWoodholme Center, a 22-acre, mixed-use development that also hasretail, restaurants, and a rehabilitation center.
The five-story Woodholme Medical Office building has a 97%occupancy rate and features 125,000 net rentable sf and 567 parkingspaces. Woodholme Center, a four-story class A office building, has73,000 net rentable sf and 277 parking spaces. It is 95% leasedprimarily to law and professional service firms.
The portfolio is expected to achieve a first-year, unleveragedyield of 7% on a cash basis and 7.2% on a GAAP basis, according toWRIT. As part of the transaction, the company will assume a $21.2million loan with an interest rate of 5.3%. The remaining balancewill be funded through its line of credit.
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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.
