Most recent purchase of 81,000 square foot, 100% leased asset continues acquisition strategy in Howard County, following three-building, 85,000 square foot portfolio purchase in fall 2017
A joint venture partnership between Feldman Bergin Properties and Fortified Property Group has acquired 9176 Red Branch Road, a single-story, 81,000 square foot flex/light-industrial building situated in the Columbia North submarket of Howard County, Maryland for $7.2 million. The asset was purchased from an affiliate of ShoreGate Partners, an Easton-based commercial real estate company that was represented by Cris Abramson, Ben McCarty, Brian Kruger and Nicholas Signor of Newmark Knight Frank. Feldman Bergin Properties and Fortified Property Group were self-represented in this transaction.
This represents the second acquisition in Howard County for the Feldman Bergin Properties and Fortified Property Group partnership in recent months. Last fall, the group purchased a three-building, 85,000 square foot portfolio at 8970, 8980 and 8990 Route 108 Columbia.Sapwood Cellars, a new local craft brewery recently leased 7,200 square feet within one of the buildings to elevate overall leasingto approximately 85%. 9176 Red Branch Road is situated less than one mile from this portfolio.
Among the tenants currently leasing space within the building are Ark Systems, Joseph’s Refinishing and Xcision Medical Systems. Andy Andrews and Scott Matthews of Cushman & Wakefield have been selected to oversee the leasing and tenant renewal program.
Constructed in 1973, the brick and glass building is surrounded by a free surface parking lot that can accommodate more than 200 vehicles, The building is positioned less than one mile from MD Route 29 and approximately five miles from Baltimore-Washington International Airport. Downtown Baltimore is approximately 20 miles away, with Washington, D.C. approximately 25 miles away.
“As evidenced by our recent acquisition activity, our team is extremely bullish on the long-term vitality of both the commercial office market and overall Howard County economy,” stated Evan Feldman, Co-Founder and Principal of Feldman Bergin Properties. “Howard County’s strategic placement among the largest metropolitan statistical areas in the country translates to continuing opportunities for the diverse industry base. Based on our research, the Columbia North submarket consistently outperforms neighboringareas with its current 7.2% vacancy rate for single-story office/flex space. We plan to build upon the critical mass of office space in this region because we remain extremely confident about the long-term fundamentals present.”
Michael Rabin, a Partner with Fortified Property Group,added that the opportunity to acquire a 100% leased and occupied building at well-below replacement cost provided the partnership with “tremendous confidence” to move forward with the acquisition. “Increasing our portfolio in the submarket to four buildings comprising more than 160,000 square feet of space will also enable us to achieve economies of scale as it relates to management and leasing,” Rabin stated.
Feldman Bergin Properties is a privately-held real estate development and investment firm based in Washington, D.C. with a combined thirty years of experience among its principals. Robert Bergin was Director of Investments and Asset Management for Corporate Office Properties Trust. Evan Feldman held executive management positions with Archstone-Smith, Washington Property Company and Fore Property Company. For additional information, visit www.feldmanbergin.com
Founded in 2014, the principals of Fortified Property Group have ownership stakes in more than 20 commercial office buildings and retail centers, with valuesin the hundreds of millions. The boutique real estate investment and advisory firm focuses on the acquisition and operation of commercial properties throughout the country, with an emphasis on the greater Washington, D.C. market. For additional information, visit www.fortifiedproperty.com
