CityWide And V&S Holdings Acquire Suburban Maryland Office Complex for $12M
A joint venture between Baltimore-based CityWide Properties and V&S Holdings has acquired the White Marsh Professional Center, an 80,046-square-foot office complex in Nottingham, Md., for $11.8 million.
The 42-unit White Marsh Professional Center consists of a trio of two-story, multitenant office buildings along with 318 parking spaces.
“This property has a solid mix of tenants in sectors including medical, real estate and banking,” Steve Verstandig, president of CityWide Properties, told Commercial Observer. “There are a number of long-term tenants that have invested a lot of money into their spaces.”
Maryland Healthcare and Rosedale Federal Savings & Loan are among the tenants at the center, which was 85 percent occupied at the time of the sale.
Marc Tropp, a senior managing director with Eastern Union, arranged $8.85 million in financing for the buyer, securing a five-year mortgage with an interest rate fixed at 5.95 percent. The financing also allows for one year of interest-only payments. The lender was not disclosed.
Located at 7923 Honeygo Boulevard, the 39-year-old property was last renovated in 1988. CityWide Properties plans to renovate the property immediately.
“By cleaning up the property — through such measures as LED lighting, painting and power washing — we intend to retain current tenants and also fill the remaining vacancies,” Verstandig said. “The rents are below the market average.”
The seller was a local private owner who had owned the center for more than 10 years.
The property is strategically located off Interstate 95 and is within walking distance of more than 2 million square feet of dining, shopping and entertainment options.
Keith Loria can be reached at Kloria@commercialobserver.com.