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Former Baltimore County bank branch, office fetch nearly $6M

A former bank branch and a flex/office property in Baltimore County have sold for nearly $6 million combined.

KLNB recently brokered a $4.4 million deal for 803 Gleneagles Court and the sale of 1641 E. Joppa Road for $1.5 million. The former bank branch on East Joppa Road is slated for a new retail use. The new owner’s plans for the office property on Gleneagles Court have not been announced.

“At both Gleneagles Court and 1641 E. Joppa Road, the interest and demand from end-users was extremely high. Both of our clients achieved high-water mark pricing,” KLNB’s Brad Berzins said in a statement.

Berzins defined the “high-water mark pricing” as $147 per square foot for the office building and $323 per square foot for the former bank branch building.

The Gleneagles Court property is a stand-alone, 30,000-square-foot building at the intersection of Loch Raven Boulevard and Cromwell Bridge Road. Michael Mull of KLNB represented the buyer of the property, which is on a nearly five-acre lot.

According to KLNB, the property holds potential as a spot for a single user, given its parking area and access to Interstate 695 and Towson.

While KLNB declined to disclose the buyer, Maryland property tax records list the new owner as 803 Gleneagles LLC. State records name Brett Myerson, in-house counsel for Priority 1 Automotive Group, as the resident agent for the limited liability corporation.

The sale of 803 Gleneagles Court marks the first trade of the property in more than 20 years. Gleneagles Office LLC, the previous owner, bought the property in 1997 for $1.8 million. Before that, the building, delivered in 1969, was owned by Gleneagles LP.

The new owner of 1641 E. Joppa Road, M&S Limited Partnership of Massachusetts, intends to transform the property into a quick service oil change facility, according to KLNB.

Most recently, Howard Bank used the building, which is near Interstate 695 and adjacent to a Starbucks, as a bank branch. State property records show the building was completed in 1999.

State property records list First Mariner Bank as the former owner. First Mariner purchased the property the same year the building was delivered for nearly $536,000.

Berzins, along with KLNB’s Jesse Schwartzman, represented the sellers in the deal for the Joppa Road property. Henry DeFord of MacKenzie Commercial Real Estate represented M&S Limited Partnership.

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