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Hill Management Services acquire two-building, 97,450 square foot portfolio in White Marsh for $5.9 million

Hill Management Services, Inc., a Timonium, Maryland-based commercial real estate development company, has announced the purchase of 4969 and 4979 Mercantile Road, a two-building flex/office and warehouse portfolio in the White Marsh section of Baltimore County containing 97,450 square feet of space. The company purchased the buildings from Corporate Office Properties Trust for $5.9 million.  Danielle Beyrodt of Hill Management represented the buyer and Donald Schline and Michael Spedden of MacKenzie Commercial Real Estate Services represented the seller in this transaction.

            4969 Mercantile Road is a 47,227 square foot flex/office and warehouse building, and 4979 Mercantile Road comprises 50,223 square feet of flex/office and warehouse space. Both structures feature 16 foot ceiling heights, rear dock loading capabilities, sufficient parking on an adjacent surface lot and build-to-suit office space. Positioned within the White Marsh Business Community, the buildings are located within immediate proximity to MD Route 43 (White Marsh Boulevard) and Interstate 95, and feature roadside visibility from the Interstate.

            4969 Mercantile Road was constructed in 1982 and 4979 Mercantile Road was completed in 1985 by Nottingham Properties. The buildings were part of the 56 properties, containing 2.4 million square feet of space, and nearly 200 acres of land acquired by Corporate Office Properties Trust in 2007, when the majority of Nottingham Properties was dissolved. Federal Realty Investment Trust acquired the bulk of the retail portfolio. Both buildings are currently vacant.

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            “4969 and 4979 represent the perfect complement to our existing office and warehouse portfolio in the Baltimore County marketplace, while adding strong coverage in the White Marsh sub-market,” explained Danielle Beyrodt, Vice President – Leasing and Acquisitions for Hill Management Services. “We were particularly attracted to the portfolio’s excellent condition, strategic position near major roadways and placement within a diverse amenity environment that includes the many restaurants and services contained in and around the White Marsh Town Center.”     

            Hill Management intends to rebrand the two-building portfolio as Mercantile @95 and repackage the properties to fulfill the long-term real estate requirements of companies searching for medium to large-scale office and warehouse space. The company’s strategy includes the installation of expanded exterior landscaping, the addition of new signage on both the buildings and the adjacent roadways and incorporation of a new storefront facade treatment.

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            “Our leasing and marketing team is approaching this portfolio as a new building launch with the intent to reintroduce the assets to the regional marketplace,” Beyrodt added. “We are extremely confident about the current market fundamentals and long-term prospect of the Eastern Baltimore County real estate corridor. After not receiving much attention for the past several years, our strategy involves communicating the tremendous advantages these buildings can bring to the appropriate end-user.”

            “Unparalleled access to I-95 and I-695, coupled with Baltimore County’s Designated Growth Area Initiative make White Marsh an attractive location for businesses and residential consumers,” stated Donald Schline, Senior Vice President/Principal, Investment Sales for MacKenzie Commercial Real Estate Services. “With the current vacancy rate in White Marsh for flex product standing at 8%, and no new construction starts on the horizon, our research indicates that current demand in White Marsh will validate Hill Management’s investment in Mercantile @ 95.   

Founded in 1976, Hill Management Services, Inc. is a privately-owned, full-service real estate development company.  Located in Timonium, Maryland, Hill Management owns more than four-million square feet of office, industrial and retail space as well as several hotel and self-storage facilities.  Hill Management Services seeks to provide long-term investments, exceptional customer service, and develop long-lasting tenant-landlord relationships.  For more information visit www.hillmgt.com.

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