Sales  ·  Commercial

St. John Properties and Greenebaum to Develop Spec Space in Laurel, Md.

reprints


A joint venture between St. John Properties and Greenebaum Enterprises has acquired a 12.5-acre site in Laurel, Md., with plans to develop two single-story flex/R&D buildings totaling 68,160 square feet.

The Maryland University of Integrative Health was the seller. The price was $8.3 million, according to public records.

SEE ALSO: The Real Estate at Stake in the Challenged Kroger-Albertsons Mega-Merger

The acquisition includes a two-story 32,488-square-foot office building at 7750 Montpelier Road, which is now being marketed for lease, and adjacent land that will be used to build the two new buildings on spec.   

The joint venture is targeting tenants within the education, child care and medical sectors. 

“We believe there is a strong demand for high-quality flex/R&D product in this market, but few current opportunities for new development, so are excited about the potential of this project,” Sean Doordan, St. John Properties’ executive vice president of acquisitions and growth, told Commercial Observer. “We remain aggressive in our approach to identify and acquire land to develop, as well as underperforming properties where we can add value.”    

The property is within Montpelier Research Park, a four-building research park that was developed in 2002 by Maneken. The park is 20 miles from both Washington, D.C., and Baltimore. 

The Howard County research park is also close to St. John’s and Greenbaum’s Maple Lawn development, a 605-acre mixed-use community that consists of 1,300 homes and 1.7 million square feet of office and flex/R&D space, and is supported by more than 150,000 square feet of retail. 

KLNB’s Abby Glassberg and Don Schline represented the seller in the deal, while the joint venture was self-represented. 

Keith Loria can be reached at Kloria@commercialobserver.com.