Commercial and residential real estate investor RFP Partners LLC purchased a four-story Class A office building in Columbia for $16.67 million, according to Maryland property tax records.
The 85,000-square-foot property at 8820 Columbia 100 Parkway was built in 2001 and was more than 94 percent leased at the time of the transaction, according to Cushman & Wakefield, which announced the deal on Tuesday. Tenants in the building include American Radiology Services, Nu Look Home Designs, JPB Partners and EMC Corp.
“This strategically located, well-parked, and modern office building will provide long term durable cash flow to the new owner, said Jonathan M. Carpenter, executive director at Cushman & Wakefield, in a statement. “We are seeing a pickup in investor interest in well located suburban office in the region.”
Carpenter and Graham Savage of Cushman & Wakefield’s Baltimore Capital Markets Team represented the buyer. The seller, a partnership including JPB Partners, Holland Development and Helmsman Property Services, was represented by Doug Brinkley and Andy Posil, also of Cushman & Wakefield’s Baltimore office. The company will also handle leasing the remaining vacancy in the building.
In general, suburban office markets in the Baltimore metro area have been performing well. In many major metro areas across the nation, urban offices have outpaced their suburban competitors. But suburban properties around Baltimore continue to outperform city properties.
In a 2017 year-end report, MacKenzie Commercial Real Estate Services LLC placed the direct office vacancy rate in the Columbia submarket at 10 percent in the fourth quarter, one of the lowest in the metro area. Asking rental rates by weighted average in the submarket in the fourth quarter were $25.23 per square foot compared to $23.33 for the combined Baltimore metro area.