Sales  ·  office

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.

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“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.   

Kathy Townsend of Cummings & Co. Commercial represented the buyer in the deal, while Adam Meissner of DBM Real Estate Group and Bob Filey of Marcus & Millichap (MMI) represented the seller.

Keith Loria can be reached at