Klein Sells 4-Building Commercial Complex Near Baltimore for $19M
By Keith Loria April 27, 2023 2:29 pm
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Fernau LeBlanc Investment Partners, a Bethesda, Md.-based commercial real estate owner, has acquired Deer Park Center, four buildings totaling more than 170,000 square feet of office and flex space in Randallstown, Md.
The price was not disclosed, but a person close to the deal confirmed the sale price was $19 million.
Klein Enterprises sold the property, having acquired it in 2010 for $8.2 million.
“This disposition aligns with Klein’s strategic initiative to capitalize on the current demand for flex space in the mid-Atlantic region in addition to diversifying our geographic exposure,” Daniel Klein, president of Klein Enterprises, said in a statement. “One of our key objectives for 2023 is to further expand our multifamily and retail portfolio and this sale, in addition to the disposition of Triangle Business Park this past November, allows us to prioritize those opportunities.”
Located at 9631-9637 Liberty Road, the property features dock and drive-in loading and a for-lease cell tower.
Tenants at the property include N’Ferno Performing Arts Center, the private nonprofit Center for Social Change, and Greater Baltimore Insurance Agency.
JLL (JLL)’s Bill Prutting, Jay Wellschlager and Craig Childs represented Klein in the sale, while Fernau LeBlanc Investment Partners was represented in-house.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
