Aviation Enterprise Park. Picture courtesy of St. John Properties Inc.
St. John Properties Inc. has bought Aviation Enterprise Park, a three-building portfolio in Glen Burnie, Md., comprising greater than 120,000 sq. toes of workplace area. Cushman & Wakefield brokered the transaction on behalf of the vendor, Adler Actual Property Companions, whereas the customer dealt with the acquisition in-house.
In accordance with Anne Arundel County public information, the portfolio traded for $13.3 million. As revealed by the identical supply, the properties beforehand modified palms in 2017 for $16.4 million . The asset was 63 p.c leased on the time of the present transaction.
This acquisition is the second main one nearer by St. John Properties in latest months, following the acquisition of the 74,000-square-foot Triangle Enterprise Park, which is now a part of the corporate’s Baltimore Gateway.
READ ALSO: The place to Discover Alternatives as Economic system Slows
Initially accomplished in 2008, Aviation Enterprise Park homes a various vary of tenants, together with Skyline Expertise Options, Atlantic Yacht Documentation and CDI Corp., amongst others, in response to CommercialEdge. The workplace campus presents connectivity to Interstate 97, being lower than 4 miles from the Baltimore/Washington Worldwide Thurgood Marshall Airport. The property can also be located in proximity to a variety of business-related facilities, inns, purchasing facilities and eating places.
Enchancment plans forward
The one-story buildings are positioned adjoining to St. John’s Cromwell Enterprise Park. These buildings are: 6956 Aviation Blvd. with a complete of 54,310 sq. toes of area, 6958 Aviation Blvd. with 35,361 sq. toes of area and 6960 Aviation Blvd. with 30,613 sq. toes of area. The portfolio is an element of a bigger, mixed-use enterprise group with a complete of almost 1 million sq. toes of flex, analysis and growth, workplace, and retail area.
St. John Properties intends to reposition one of many buildings at Aviation Enterprise Park from business workplace to flex/R&D, by including drive-in doorways and making adjustments to the shared parking space to extend loading capability. The corporate has allotted round $1.5 million in capital bills for this conversion.
Fueling the flight-to-quality pattern amplified by the pandemic, corporations at the moment are investing in Class A, amenity-rich workplace buildings. This transformation in pattern implies that many Class B and Class C properties will probably be thought of for conversion and redevelopment, bringing each alternatives and challenges for workplace buyers.
Cushman & Wakefield Managing Director Graham Savage, Government Managing Director Jonathan Carpenter and Affiliate Dawes Milchling represented the vendor within the transaction.
