First 2019 acquisition by full-service commercial real estate and investment firm follows year in which company acquired nine buildings comprising more than 225,000 square feet of space in Baltimore area
Greenspring Realty Partners, Inc. (GRP),a Baltimore-based commercial real estate and investment company, has acquired 4801-4825 Benson Avenue, a 68,000 square foot single-story industrial and warehouse building for $4.37 million from Green Hill Partnership. This represents the first 2019 acquisition for the company following a year in which GRP acquired nine buildings comprising more than 225,000 square feet of space in the greater Baltimore/Washington metropolitan region. The GRP portfolio now comprises more than two million square feet of rentable space.
4801-4825 Benson Avenue was approximately 45% leased when GRP placed the building under contract and, despite a relatively short study and close period, was able to achieve 100% occupancy at the time of closing. The company successfully secured leases with 1st Choice Services and Wonderfly Events, representing approximately 37,000 square feet of space, during the due diligence period to elevate the project to full occupancy. The building is contained within the Beltway Corporate Center.
“Our goal with every acquisition we pursue is to add significant value to the asset with an aggressive leasing or re-tenanting strategy, in addition to the execution of a property upgrade program when necessary,” stated Dan Flamholz, Principal and Co-Founder of GRP.“We were attracted to this building based on its excellent condition and strategic location near Interstates 695 and 95, including roadside visibility from the Baltimore Beltway. The existence of unused acreage provides the opportunity for a future building, outside storage, or additional parking.”
4801-4825 Benson Avenue is positioned approximately seven miles from Baltimore-Washington International Airport and 13 miles from the downtown business district of Baltimore. The Halethorpe Commuter Rail Station (Penn Line) is less than one-half mile away and the St. Denis Commuter Station (Camden Line) is approximately three miles from the site.
“We achieved our 2018 goal of adding assets to our portfolio that are consistent with our core approach of value add investments,” Flamholz added. “Our team remains extremely bullish on the warehouse/industrial real estate category in the Baltimore-Washington, D.C. region, and we will continue to pursue opportunities that leverages our ability to retrofit and lease properties.”
Highlights of last year’s acquisition activity include The Kirby Industrial Center in Prince George’s County featuring 75,000 square feet of small bay warehouse space,a liquid terminal transfer site at 6101 Pennington Ave in Curtis Bay and 6101 Falls Road, which is located at the entrance to Lake Roland.
“Among our objectives in 2019 is to continue our pursuit of value-add properties that satisfy our acquisition criteria, with a focus on flex /industrial assets, as we look to expand our portfolio in response to the strong fundamentals of our marketplace,” Flamholz added.
Greenspring Realty Partners, founded in 2015, is a full-service commercial real estate and investment company specializing in the acquisition of opportunistic real estate investments. GRP has established itself as an aggressive investment firm with the ability to execute on property-specific goals in a timely fashion. The company also selectively advises and provides sophisticated and comprehensive brokerage services including investment sales, landlord and tenant representation and development consulting services. For additional information please visit www.greenspringrealty.com
