BALTIMORE, MD. — JLL has arranged the sale of 11333 McCormick Road, a two-tower, single-tenant office building in Baltimore, for $99.3 million. The 377,332-square-foot property is net leased to Bank of America.
Situated on 16.3 acres, the asset is located in the Hunt Valley submarket, about 15 miles north of downtown Baltimore. The property has immediate access to I-83 and light rail access to Baltimore City, greater Maryland and Pennsylvania.
Built in 1974, the eight-story property was most recently renovated in 2016.
Tivon Moffitt, Peter Bauman and Jay Wellschlager of JLL represented the seller, Inland Private Capital Corp. JLL was retained to market the property after it failed to trade the prior year. An undisclosed institutional buyer purchased the asset.
“Investors are actively seeking high-quality, mission-critical corporate campuses such as this asset,” says Moffit. “We continue to see a flood of capital sources from institutional investors to private capital looking to purchase these types of properties.”
The Hunt Valley submarket is a highly sought-after office market due to its high-quality workforce and extensive amenity base, says Wellschlager.
Inland Private Capital Corp. specializes in securitized 1031 exchange transactions. Since its inception, the company has sponsored 232 private placement programs offering more than $4.5 billion in equity and serving over 12,500 investors.
— Kristin Hiller