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The portfolio properties are located adjacent to St. John Properties’ Cromwell Business Park, a 165-acre mixed-use commercial community totaling approximately 1 million square feet of flex/R&D, commercial office and retail space. (Featured photo)
Aviation Business Park, a three-building portfolio in Anne Arundel County with more than 120,000 square feet of commercial office space, has been purchased by Baltimore-based St. John Properties for $13.3 million, the company announced Wednesday.
The seller, Miami-based Adler Real Estate Partners, was represented by Graham Savage, Jonathan Carpenter and Davis Milchling of Cushman & Wakefield. The characteristics of St. John represented himself. At the time of the transaction, the properties were approximately 63% leased.
The portfolio includes 6956 Aviation Blvd., a one-story building with 54,310 square feet of space; 6958 Aviation Blvd., a 35,361 square foot one-story building, and 6960 Aviation Blvd., a one-story building totaling 30,613 square feet. The properties are located adjacent to St. John Properties’ Cromwell Business Park, a 165-acre mixed-use commercial community totaling 1 million square feet of flex/R&D, commercial office and retail space.
St. John Properties plans to convert one building from a commercial office to a flex/R&D space by installing drive-up doors and partially remodeling the shared parking area for more freight capacity. In total, St. John Properties has budgeted approximately $1.5 million in capital expenditures for this project.
This transaction represents the second significant acquisition completed by St. John Properties in the past several months, following the acquisition of Triangle Business Park. Now named part of St. John Properties’ Baltimore Gateway, Triangle Business Park last November is a 95% four-building portfolio consisting of 74,000 square feet of industrial and flex/R&D space. Two of the buildings are located in Baltimore City, and two are located in Baltimore County.
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