KLNB's Investment Sales Group Brokers Eastpoint Business Center
Baltimore, Md. – KLNB, the full-service commercial real estate brokerage, announced today the sale of Eastpoint Business Center, an 81,774-square-foot small bay industrial building, located on East Baltimore Street in Baltimore County’s Dundalk neighborhood. NAI KLNB principal, Christopher B. Kubler, CCIM, represented the seller, SCP-EBC LLC, in the deal. The purchaser was Maisel Development Company. NAI KLNB concurrently marketed the asset for lease and for sale, rapidly increasing the property’s cash flow to help meet the seller’s sale price expectations. At the time of settlement, the property occupancy grew from 86% to 95% with the addition of three new tenants. Today, Eastpoint Business Center comprises a mix of 15 warehouse and retail/quasi-retail users with bay space ranging from 1,850 to 2,150 square feet. The property sold in early April for $4.3 million, equating to nearly $53 per square foot.
“There is a shortage of vacant smaller industrial spaces in Baltimore County. Eastpoint Business Center meets this underserved demand well — it’s in a prime location, close to major Interstates and its functionality and flexible bay sizes appeal to a variety of prospective tenants,” said Kubler. “The addition of new tenants was a win-win for both the seller and the buyer: a higher purchase price at settlement and a stable roster of tenants for the purchaser.”
Eastpoint Business Center was built in 1974 and is set on a full 5.805 acres. Its direct access to Interstates 95 and 695 and proximity to Eastern Avenue and North Point Boulevard makes the location desirable to businesses in the service and warehouse industry. Operating expenses have been historically low, running less than $1.00 per square foot annually. The property features 141 parking spaces, with additional spaces in the rear, and accommodates a wide variety of users with its 16-foot high ceilings and mix of drive-in and dock-high loading space. Overall, tenants are self-sufficient and require little management attention.
“The majority of the property’s tenants have established tenure, with half of the businesses leasing for 18 years or longer,” Kubler added. “I am confident the property will enjoy high occupancy and steady rent growth for the foreseeable future.”
This is the latest closing for Kubler’s NAI KLNB’s Investment Sales team, which focuses on the sale of industrial and office assets across the mid-Atlantic. Currently, the team has over $100 million in its 2017 sales pipeline through 13 separate transactions.
KLNB is affiliated with NAI Global, an international real estate platform that provides resources and an enhanced range of services. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world. For more information about KLNB’s Investment Sales team, click here.
KLNB is the leading provider of commercial real estate services throughout the mid-Atlantic region. A full-service commercial brokerage and real estate services firm, KLNB provides a variety of services including tenant and landlord representation, leasing, investment sales, property management, financing, and appraisal & valuation services. Headquartered in Maryland, close to 80 full-time brokerage professionals work across KLNB’s five full-service offices located in Towson and Columbia, Md.; Washington, D.C.; and Dulles and Tysons, Va. http://klnb.com