BALTIMORE-This part of Maryland has been unusually active in recent days and buyers and sellers move to close deals before the end of the year and, in at least one case, one seller puts a highly-coveted asset on the market. In the case of the latter, GlobeSt.com has learned exclusively that Institutional Property Advisors, a recently formed multifamily brokerage division of Marcus & Millichap, has received the listing for the Residences at Waterstone.
The 370,436-square foot multifamily community is located in the Reisterstown Road corridor in Pikesville. The price is expected to command in the mid-$60 million range.
Will Balthrope, an IPA senior director, Lindsay Allen, an IPA director, and Ari Firoozabadi, a vice president investments in Marcus & Millichap’s Washington, D.C. office, are representing the seller, Pacific Urban Residential. Built in 2002 on 25 acres, the property is located at 225 Galvariun Court.
Another trade has also occurred in nearby Woodlawn, a suburb of Baltimore–CSG Partners has acquired a thirteen-building portfolio from Corporate Office Property Trust for $32.4 million. The single-story and two-story commercial office buildings total nearly 375,000 square feet and is presently 79% leased. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented COPT.
Eight buildings, known as the “Rutherford Business Center” are located on 7102, 7104, 7106, 7108, 7125, 7127, 7129 and 7131 Ambassador Rd. and total approximately 135,000 square feet. The remaining assets are 15, 17 and 21 Governor’s Court, which features more than 85,000 square feet and 7210 Ambassador Road and 7152 Windsor Blvd., which contain nearly 85,000 and 60,000 square feet of space respectively.
The portfolio was purchased significantly below replacement cost, according to Alan Grabush, principal with CSG Partners, LLC. “The single-story and low-rise nature of the product, its location and sub-market, all of which we know and understand well, makes this acquisition an excellent compliment to our existing portfolio. “We were especially attracted to the mix of stable and creditworthy companies contained within the portfolio,” he added. Over the next six months, CSG Partners will be making significant capital investment in the portfolio.