NAI KLNB Brokers Sale of Two Buildings in Elkridge, Maryland Totaling More Than $21 Million
NAI KLNB has brokered the sale of two industrial buildings in the Elkridge section of Howard County, Maryland, in separate transactions totaling approximately $21.6 million. Christopher Kubler, Principal and Director of the NAI KLNB Investment Sales team represented the sellers in the sale of 7700 Port Capital Drive for $9.9 million and 6685 Santa Barbara Court for $11.7 million.
FRP Port Capital, LLC purchased 7700 Port Capital Drive, a 120,758 square foot building that is fully-leased to Model Home Interiors. Featuring direct frontage on Maryland Route 1, the project is surrounded by several mixed-use developments and is positioned for future re-development to achieve a higher and better use. The former owner was 6601 Little River Turnpike LLC. Model Home Interiors provides a complete array of design services for single-family homes, townhomes and multi-family product.
HSRE Fund V Holding Company, LP purchased 6685 Santa Barbara Court, a 168,000 square foot warehouse building that is fully leased to five regional tenants. The former owner, Santa Barbara Court, LLC, completed a number of capital upgrades and renovation projects, and also successfully leased the project to create long-term value. It is located in the Route 100 Industrial Park.
“7700 Port Capital was widely marketed and pricing was particularly strong owing to the in-place, long-term lease with a credit worthy company,” explained Christopher Kubler, Principal in the Investment Sales group for NAI KLNB. “The institutional buyer of 6685 Santa Barbara Court was attracted to the asset’s stable rent roll, with no near-term lease rollovers, and its excellent condition. Both owners acquired well-maintained and strategically-located properties in one of the country’s most sought after markets for industrial real estate investment.”
Founded in 1968, KLNB, LLC is comprised of two real estate divisions of companies that includes NAI KLNB, a division that focuses on the sale and leasing of commercial office, industrial and warehouse properties as well as tenant representation. The company is also a full-service provider of commercial real estate property and asset management services.
Headquartered in Towson, MD, the company maintains full-service offices in Columbia, MD; Washington, D.C; as well as Tysons Corner and Dulles Airport area in Loudoun County, Virginia. Visit www.klnb.com.