4A — June 9 - 22, 2017 — DelMarVa — M id A tlantic
Real Estate Journal
D el M ar V a Real estate brokerage increased property from 86% to 95% Leased in 90 Days NAI KLNB’s Investment Sales Group brokers Eastpoint Business Center totaling 81,774 s/f B altimore, MD — NAI KLNB , the full- service commercial real property sold for $4.3 million, equating to nearly $53 psf.
represented the seller, SCP- EBC LLC, in the deal. The purchaser was Maisel Devel- opment Company. NAI KLNB concurrently marketed the asset for lease and for sale, rapidly increasing the prop- erty’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 ware- house and retail/quasi-retail users with bay space ranging from 1,850 to 2,150 s/f. The
“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 pro- spective 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 Bou- levardmakes the location desir- able to businesses in the ser- vice and warehouse industry. Operating expenses have been historically low, running less than $1.00 psf 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 load- ing space. Overall, tenants are self-sufficient and require little management attention. “The majority of the prop- erty’s tenants have established tenure, with half of the busi- nesses leasing for 18 years or longer,” Kubler added. “I am confident the property will en- joy high occupancy and steady rent growth for the foreseeable future.” n LLCS Management a n n o u n c e s t h e launch of its small space program Newark, DE — LLCS Management announces the launch of its small space pro- gram. Customizable office space ranges in size between 250 s/f and 1,500 s/f. The six building, office park is near Christiana Hospital, The University of Del- aware, and situated between downtown Newark and down- town Wilmington, with easy access to I-95, Rte. 1 and Rte. 273. Recently, University Office Plaza has signed several leases, including: Ziras for 1,120 s/f, Life Span Development for 353 s/f, Hong Teng for 437 s/f, Coop- erative Credit Union for 1,540 s/f and Resources for Human Development for 1,553 s/f. n
estate bro- kerage, an- nounced the sale of East- point Busi- ness Center, a n 8 1 , 7 7 4 s/f small bay i n d u s t r i a l building, lo- cated on East
Baltimore St. in Baltimore County’s Dundalk neighbor- hood. NAI KLNB principal, Christopher Kubler, CCIM ,
Eastpoint Business Center
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