Two Greater Baltimore Office Properties Change Hands
- Mar 19, 2015
Two Greater Baltimore office properties changed hands at the start of the month. The building at 999 Corporate Boulevard, in Linthicum, and the one at 1614 Churchville Road, in Bel Air, sold for a total of almost $9.5 million.
Heritage Properties paid $6.525 million to buy the Linthicum building, the larger of the two. The property is located within the Airport Square Business Park. It was completed in 2000 and offers 67,384 square feet of Class A office space. LNR Partners, LLC was the seller. It was represented by DTZ in the transaction. According to PropertyShark, the current market value of 999 Corporate Boulevard is $6.2 million.
The Bel Air property is known as the Slavie Federal Savings Bank building; 1614 Churchville Road, LLC, an entity affiliated with Bramhall-Hitchen Insurance in Newark, Delaware, purchased it for $2.95 million, from the Federal Deposit Insurance Corporation. NAI KLNB represented the buyer in the transaction, while MacKenzie Commercial Real Estate Services represented the seller.
The three-story building offers 27,305 square feet of space. According to PropertyShark, its current market value is $2.85 million. The Federal Deposit Insurance Corporation assumed ownership and control of the property last spring, after the closing of the Slavie Federal Savings Bank.
The new owner plans to use 1614 Churchville Road as the new offices of Bel Air-based WSMT Insurance, an agency it has acquired. In addition, three separately owned businesses will continue to operate within this building.