Portfolio property are adjoining to St. John Properties’ Cromwell Enterprise Park, a 165-acre mixed-use enterprise neighborhood with roughly 1 million sq. ft of combined flex/R&D, industrial office and retail home. (Submitted {photograph})

Aviation Enterprise Park, a portfolio of three buildings in Anne Arundel County comprising larger than 120,000 sq. ft of enterprise office home, was purchased by Baltimore-based St. John Properties for $13.3 million, the company talked about Wednesday. launched to

The seller, Miami-based Adler Precise Property Companions, was represented by Graham Savage, Jonathan Carpenter and Dawes Milchling of Cushman & Wakefield. St. John Properties was self-representative. The property have been roughly 63% leased on the time of the transaction.

The portfolio consists of a one-story establishing at 6956 Aviation Blvd., consisting of 54,310 sq. ft of home. 6958 Aviation Blvd. is his single story establishing of 35,361 sq. ft and 6960 Aviation Blvd. is his single story establishing totaling 30,613 sq. ft. The property is adjoining to St. John Properties’ Cromwell Enterprise Park, a 165-acre mixed-use enterprise neighborhood with roughly 1 million sq. ft of combined flex/R&D, industrial office and retail home.

St. John Properties plans to relocate one in every of its buildings from industrial workplaces to flex/R&D by placing in drive-in doorways and modifying part of the shared parking lot to increase loading functionality. I’m proper right here. In complete, St. John Properties has budgeted roughly $1.5 million in capital expenditure for this problem.

The transaction marks the second primary acquisition completed by St. John Properties to this point few months, following the acquisition of Triangle Enterprise Park. Triangle Enterprise Park, branded as part of St. John Properties’ Baltimore Gateway, is a portfolio of 4 buildings comprising roughly 74,000 sq. ft of enterprise and flex/R&D home as of ultimate November, with 95% is occupied. Two of the buildings are in Baltimore Metropolis and two are in Baltimore County.