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REAL ESTATE INSIDER

COOL SPACE

Properties to watch in Maryland

This Class A office building in Millersville is up for auction

The property at 8666 Veterans Highway in Millersville has excellent build-out potential, its broker says. (LOOPNET)

The property at 8666 Veterans Highway in Millersville has excellent build-out potential, its broker says. (LOOPNET)

Address: 8666 Veterans Highway, Millersville

Property type: Office

Built: 2006

Size: 34,392 square feet

Listing price: Auction

Contact: John Rosso, principal Rosso Commercial Real Estate Services, 410-260-0903; john@rossocre.com

The 34,392-square-foot Severn Commons in the Millersville submarket presents an opportunity for an investor to acquire a Class A building at less than replacement value.

Northrop Grumman currently occupies 100 percent of the building, but the firm is moving out, and its lease expires in June. The building is scheduled for auction through the Ten-X platform with bidding starting on Monday.

John Rosso, principal with Rosso Commercial Real Estate Services, said the property presents an opportunity for an investor to purchase the building, build out for multiple tenants and then lease it to firms ranging in size from 2,000 to 10,000 square feet.

“So, it’s a good opportunity as a value-add (proposition) for an investor to purchase the property for well less than replacement value. The property has core and common restrooms, elevators, stairwells positioned as such where someone can put corridors in fairly easily, and then probably lease the property out in the mid-$20s-per-square-foot and have a nice investment property,” Rosso said.

Severn Commons is roughly equidistant between Baltimore and Annapolis and within easy driving distance of Washington. There’s been substantial growth in the Millersville area, Rosso said, not only in terms of residential but retail and office projects as well.

“We’re seeing a large influx of interest in that corridor from a lot of businesses, government contractors, retailers, all across the board,” he said.

To suggest a property to be featured in Cool Space, Contact Adam Bednar at adam.bednar@thedailyrecord.com.


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