Baltimore County Flex Building Commands $8.5M
By Keith Loria September 2, 2020 9:44 am
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St. John Properties has acquired 7152 Windsor Mill Road, a 58,000-square-foot flex building in Windsor Mill, Md., from Klein Enterprises for $8.5 million.
The single-story building is situated in the Woodlawn section of Baltimore County and is currently fully leased and occupied by IT company Leidos.
“The strong fundamentals of this asset, led by the presence of a high creditworthy tenant signed to a long-term lease and its immediate proximity to our 82-acre Windsor Corporate Park and 10-acre Windsor Office Park, generated our initial interest,” Sean Doordan, St. John Properties’ senior vice president for leasing and acquisitions, told Commercial Observer. “We were further attracted to this opportunity based on the full-building occupancy of Leidos, a Fortune 500 company that has tenancy in other projects throughout our portfolio.”
The building was built in 1985 on an approximately 5-acre lot. Klein Enterprises acquired the property in 2018.
“Our philosophy is long-term hold, and this asset represents the perfect complement to our two adjacent business communities, which are highly successful with strong occupancy,” Doordan said. “Our in-house asset management and property management teams will seamlessly incorporate this building into our portfolio with processes designed to improve overall building efficiencies.”
The Windsor Mill Road building features 16-foot ceiling heights, two dock-loading doors and offers a free parking field with a ratio of 5.19 vehicles per 1,000 square feet.
“With the St. John Properties’ corporate headquarters positioned less than one mile away, we are extremely familiar with this Baltimore County submarket given the presence of multiple amenities, major employment centers in the Centers for Medicare & Medicaid Services and the Social Security Administration, and access to the Baltimore Beltway less than three miles away,” Doordan said.
Marcus & Millichap (MMI)’s Bob Filley, first vice president of investments, represented the seller in the deal, while St. John Properties represented itself.
