St. John Properties Acquires Glen Burnie Business Park
By Keith Loria January 18, 2023 5:22 pm
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St. John Properties has acquired Aviation Business Park, a three-building, 120,000-square-foot office portfolio in Glen Burnie, Md., for $13.3 million, according to Cushman & Wakefield (CWK), who represented the seller.
Adler Real Estate Partners was the seller, having purchased the buildings as part of a larger $59.5 million portfolio acquisition in 2017. In that deal, the Miami-based company also acquired Rivers Park I and II, which together total 300,000 square feet of industrial space, in Columbia, Md.
Aviation Business Park consists of three single-story office buildings along Aviation Boulevard: 6956 Aviation Boulevard, comprising 54,310 square feet; 6958 Aviation Boulevard, with 35,361 square feet; and the 30,613-square-foot 6960 Aviation Boulevard. Combined, the three were approximately 63 percent leased at the time of the acquisition.
“St. John Properties has always incorporated ways to grow our portfolio and have acquired a number of stabilized buildings within the past several years,” Sean Doordan, St. John Properties’ executive vice president of leasing and acquisitions, told Commercial Observer. “Our in-house team of professionals allows us to be creative when looking at ways to add value to new assets.”
The property is directly adjacent to the main Baltimore airport and close to St. John Properties’ Cromwell Business Park, a 165-acre, mixed-use business community.
St. John Properties plans to reposition one of the Aviation buildings from commercial office to flex/R&D by installing drive-in doors and modifying a portion of the shared parking lot for more loading capability, with an estimated $1.5 million in capital expenditures allocated for the project.
This is the second acquisition completed by St. John Properties within the last several months, following the purchase of Triangle Business Park, a four-building portfolio comprising approximately 74,000 square feet. The company is aggressively looking to expand, according to Doordan.
“Location, type of asset within a specific market and financials are all important factors when considering new acquisitions,” Doordan said. “We are positioned to be a buyer in any market conditions and have the capital to act quickly and aggressively when identifying a property of interest.”
The seller was represented by Graham Savage, Jonathan Carpenter and Dawes Milchling of Cushman & Wakefield, while St. John Properties was self-represented.
Keith Loria can be reached at Kloria@commercialobserver.com.
