Newmark has announced the sale of the Oakland Ridge Portfolio, a three-building, 84,514-square-foot portfolio in Columbia, Maryland. The principals of Advantage Properties and Cove Property Management purchased the portfolio from a joint-venture between Feldman Bergin Properties and Fortified Property Group for $9.95 million.
Executive Managing Director Cris Abramson, Director Nicholas Signor and Associate Ben McCarty of Newmark’s Maryland Capital Markets team facilitated the sale. The sale marks the third disposition arranged by the Newmark team in the Oakland Ridge Industrial Park over the last 12 months.
“The Oakland Ridge Industrial Park continues to prove its merits, as another new investor enters the market,” said Abramson. “Located at the convergence of MD-29, MD-100 and Route 108, the Oakland Ridge Portfolio benefits from tremendous access and location at the midpoint between Washington, DC and Baltimore.”
The Oakland Ridge Portfolio totals 84,514 square feet on 6.78 acres. At 100-percent leased, the portfolio provides strong in-place cashflow with value-add potential through rising rents. The portfolio is also buoyed by the future Howard County Courthouse development, a $140 million development project just a quarter-mile away.
“We are pleased with the Oakland Ridge acquisition as these properties are expected to generate substantial cashflow over time. The properties are well-positioned in the Columbia market and will benefit from strong demand for the asset class in the coming years,” commented Alex Gross, President of Advantage Properties.
About Advantage Properties and Cove Property Management
Advantage Properties, Inc. is an entrepreneurial real estate development and asset management company that specializes in identifying, acquiring, and overseeing the management of multi-family income producing real estate in the District of Columbia, Maryland and Virginia.
Cove Property Management provides real estate management for apartments and townhomes for rent throughout Maryland and New Jersey. Cove offers a full suite of property management services, led by a highly qualified team and driven to be responsive, proactive and thoughtful. We approach each investment from an owner’s perspective because we are owners. Currently Cove’s portfolio includes fifteen apartment communities in the Maryland, Washington D.C. metro, New Jersey areas totaling 2100+ apartment homes.
About Feldman Bergin Properties
Feldman Bergin Properties is a privately-held real estate development and investment firm based in Washington, D.C. with a combined thirty years of experience. Established in 2016, FBP has purchased 14 commercial buildings between Baltimore and Washington, DC, focusing on all asset classes of commercial properties between Richmond and Baltimore.
About Fortified Property Group
Founded in 2014 Fortified Property Group is a boutique real estate investment and advisory firm based in Los Angeles, CA and Bethesda, MD. Fortified’s key focus is on the acquisition and operation of commercial properties throughout the country and has been involved in over $200 million of acquisitions since inception
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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