Daily Record Staff//May 25, 2023
//May 25, 2023
Baltimore-based commercial real estate development and management company St. John Properties Inc. has acquired a 17-acre parcel fronting York Road in Hunt Valley.
The company plans to speculatively develop 110,000 square feet of flex/R&D and retail space on the corner of York Road and Wight Avenue, adjacent to the COTY manufacturing facility.
Sean Doordan, executive vice president, acquisitions and growth and Alex Lyons, acquisitions representative for St. John Properties represented the buyer and Jay Wellschlager, managing director of JLL represented the seller, Noxzema, in this sale.
The new business community, which will be branded as Hunt Valley Exchange, is configured to support two single-story flex/R&D buildings, each containing 46,120 square feet of space, as well as an inline retail building offering 8,125 square feet of space and two retail pad sites comprising between 3,000 and 6,000 square feet each.
St. John Properties intends to proceed with speculative development of three buildings following the receipt of site plan approvals. Leasing opportunities are expected to take place immediately, marketing to restaurant, convenience store and medical uses, among others.
St. John Properties has developed and currently manages five business communities along the York Road corridor, comprising nearly 600,000 square feet of commercial space in the northern Baltimore County marketplace, including Crestridge Center, Loveton Business Park, Yorkridge Center North, Yorkridge Center South and Timonium Exchange.
According to research generated by JLL, the Interstate 83 corridor is one of the most stable markets in the greater metropolitan region, as limited supply has maintained low vacancy levels, while keeping asking rates high.
Hunt Valley Exchange joins Aviation Business Park and Triangle Business Park as properties that St. John Properties has acquired locally over the past six months.s