Tower Point at the Highlands Sold for $23.7M to Greenfield Partners
- Feb 11, 2013
Connecticut-based Greenfield Partners LLC has acquired Tower Point at the Highlands, a corporate campus situated on 60 acres in Sparks, Maryland. The seller was Equus Capital Partners Ltd. The property sold for $23.7 million or $124 per square foot.
Tower Point is a 162,646-square-foot campus about 20 miles north of Baltimore. It includes two Class A office buildings located at 920 and 930 Ridgebrook Road. 920 Ridgebrook Road is the largest of the two buildings. It has three stories and 94,071 square feet of space. 930 Ridgebrook Road is a three-story building with 72,406 square feet of space. A third three-story, 81,000 square foot Class A office building, 934 Ridgebrook Road, is planned and will be situated adjacent to 920 Ridgebrook Road. It is fully approved for development and available for lease and build-to-suit and expansion opportunities.
The property is at 96% occupied. It is home to the corporate headquarters of Fundamental Long Term Care Holdings LLC, FILA USA Inc. and MobilexUSA.
Christopher Abramson, Brian Kruger and Nicholas Signor of Cushman & Wakefield’s Capital Markets group represented Equus Capital Partners Ltd. Equus Capital Partners was known as BPG Properties Ltd. until February 4, when it announced its name change.
Cushman & Wakefield also served as the exclusive advisor to Greenfield Partners in arranging a $17 million fixed-rate loan for the property. J.P. Morgan provided the five-year financing. Gideon Gil, Alexander Hernandez, and Sridhar Vankayala of Cushman & Wakefield’s Equity, Debt and Structured Finance team represented the sponsor.
“This is a great purchase at a discount to replacement cost, with solid tenancy and no turnover for the next six years,” said Cristopher Abramson, a Cushman & Wakefield executive director.