At Speed Motors, which primarily buys and sells Porsche automobiles for international clientele, relocating from Millersville to Elkridge in Hill Management Services warehouse
At Speed Motors, a company that works with an international clientele to help purchase and sell high-end automotive brands, has signed a lease with Hill Management Services for space within the Baltimore Washington Commerce Park in the Elkridge section of Howard County. The company recently relocated its showroom and offices to 7389 Washington Boulevard, a 28,800 square foot warehouse/industrial building. At Speed Motors focuses on the Porsche brand but also works with Ferrari and McLaren vehicles.Ashley Zito of Hill Management Services represented the landlord and Kate Jordan of Lee & Associates | Maryland represented the tenant in this transaction.
“I was recently speaking before a business group and asked the audience how much fun they are having with their IRA portfolio and suggested they try our products,” stated Bob Miller who, together with Rich Siegman, co-own At Speed Motors. “The vehicle brands we work with typically appreciate by a rate of 12-15% annually and I explain that this is an excellent way to diversify a portfolio. An individual can also have a lot of enjoyment driving the car during the investment period.”
Miller explained that his inventory is priced beginning in the $10,000 to $15,000 range with the median cost hovering around $75,000. He has also sold vehicles worth several million dollars. “The pricing in many respects is based on the quantity of cars originally manufactured,” Miller said, “with, for instance, approximately 5000 Porsche model 944 vehicles produced, as compared to 250,000 for a traditional brand like a Chevy Nova. We currently stock one car in which only 22 have ever been made, as well as one vehicle in which only four exist in the entire world.”
“This was an extremely difficult real estate search based on the negative bias many landlords have with automobile uses,” explained Kate Jordan, Principal with Lee & Associates | Maryland. “The typical inclination is to place this requirement in a business park especially suited for automobiles, and we worked hard to convince building owners that At Speed Motors is in a class all by itself and cannot be compared to others.We didn’t want to locate next to typical vehicle repair services users. Luckily, Hill Management took a deeper dive and recognized the asset this company can be within Baltimore Washington Commerce Park.”
“It was important to establish our business in a high profile business community to reflect our customer base, so we also were somewhat picky with our selection,” Miller added. “This location provides convenient access from Baltimore as well as points south into Washington, D.C., while also placing us within close proximity to an international airport. We expect many customers to visit us from out-of-town and abroad.
“The entire team was fantastic to work with, extremely respectful and attentive to my needs. Even though my operations are somewhat small, they treated me as if I leased a 100,000 square foot space, which made for a great experience,” he said.
“Baltimore Washington Commerce Park is equipped to respond to a diverse array of end-users, with 21 foot ceiling heights and dock and drive-in loading capabilities, and we believe At Speed Motors will attract positive attention to our business community with its unusual product inventory,”explained Danielle Beyrodt, Vice President of Hill Management Services. “We are extremely comfortable with the background and experience of the ownership group and believe our location and our product will be a significant amenity to their expanding business.”
Founded in 1976, Hill Management Services, Inc. is a privately-owned, full-service real estate development company. Located in Timonium, Maryland, Hill Management owns more than four million square feet of office, industrial and retail space as well as several hotel and self-storage facilities. Hill Management Services seeks to provide long-term investments, exceptional customer service, and develop long-lasting tenant-landlord relationships. For more information visit www.hillmgt.com
