JLL closes $99.3M sale of single-tenant office in Baltimore
The building is net leased on a long-term basis to a strong investment-grade credit tenant
BALTIMORE, November 8, 2019 – JLL announced today that it has closed the $99.3 million sale of 11333 McCormick Road, a two-tower, single-tenant net-leased office property totaling 377,332 square feet in Baltimore, Maryland.
JLL marketed the property on behalf of the seller, Inland Private Capital Corporation.
The property is situated on 16.3 acres at 11333 McCormick Road approximately 15 miles north of downtown Baltimore in the thriving Hunt Valley submarket. Hunt Valley has experienced significant development and investment activity in the past few years, including the redevelopment of the adjacent McCormick & Company headquarters as well as multiple projects at Hunt Valley Town Centre, a 1.0-million-square-foot open air retail center across the street from the property. Additionally, 11333 McCormick Road has immediate access to Interstate 83 and light rail providing access to Baltimore City, greater Maryland and Pennsylvania. The eight-story property was most recently renovated in 2016 and serves as a mission critical location for many of the Fortune 500 company’s business lines.
The JLL Capital Markets team representing the seller was led by Senior Vice Presidents Tivon Moffitt and Peter Bauman and Managing Director Jay Wellschlager.
“Investors are actively seeking high-quality, mission critical corporate campuses such as this asset,” Moffit said. “We continue to see a flood of capital sources from institutional investors to private capital looking to purchase these types of properties.”
“JLL was retained to market the property after it failed to trade the prior year,” added Bauman. “Our team was able to locate a diverse set of investors, including institutional capital, ultra-high net worth global capital, local investors and non-traditional investors, which resulted in a successful closing and a happy client.”
“Investors understand the value of the Hunt Valley market and nearby municipalities,” Wellschlager added. “Employers actively seek out office buildings in the Hunt Valley market due to the proximity of the high-quality workforce living nearby and the extensive amenity base offered in the area.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.