Sparks-based company maintains “increasingly active”approach towardsopportunistic acquisitions
BALTIMORE, MD (August 23, 2016) – NAI KLNB has brokered the sale of 10820 Gilroy Road, a single-story, 115,000 square foot industrial and warehouse building situated in the Hunt Valley section of Baltimore County. Peter Dudley, principal for NAI KLNB represented both the buyer, FRP Development Corp. and the seller, Webb Mason Commercial, LLC in this transaction. The purchase price was $8.33 million.
Built in 1967, the building is currently 100% leased to Webb Mason and a division of McCormick & Company. It features twenty-four foot ceiling heights, seventeen loading docks and one drive-in loading dock. The project is surrounded by a surface parking lot and is situated at the intersection of Beaver Dam Road and Gilroy Road, and is within close proximity to Interstate 83 and McCormick Road.
“FRP Development acquired a strategicallypositioned building at below replacement cost that is 100% leased,” explained Peter Dudley of NAI KLNB. “Each tenant is well-known and credit worthy which adds to the value of this acquisition.”
“FRP Development remains in an active acquisition stance as we strive to increase our platform in markets that make economic and real estate sense,” stated David H. deVilliers, Jr., President of FRP. “We are impressed with the Hunt Valley market, which we believe to be extremely stable and growing, especially with McCormick’s decision to re-locate its headquarters to this location. Our focus is to identify and secure sound real estate holdings in the Baltimore-Washington marketplace, and will continue to seek acquisition opportunities that satisfy our criteria.”
FRP Development Corp., headquartered in Sparks, Maryland, is a full-service real estate company specializing in the development, management, acquisition and leasing of commercial office and industrial real estate properties. FRP is a subsidiary of FRP Holdings Inc. a Florida based public company engaged in the real estate business, traded on the Nasdaq Exchange (Symbol: FRPH). Notable projects developed and owned by the company include Lakeside Business Park in Harford County, Hillside Business Park in Anne Arundel County and Hollander Business Park in Baltimore City. FRP Development’s current portfolio contains more than 3.8million square feet of space. For more information, visit: www.frpdev.com.
Founded in 1968, KLNB, LLC is comprised of two real estate divisions of companies that include NAI KLNB, a division that focuses on the sale and leasing of commercial office, industrial and warehouse properties as well as tenant representation.The company is also a full-service provider of commercial real estate property and east management services.
Headquartered in Towson, MD, the company maintains full-service offices in Columbia, MD; Washington, D.C; as well as Tysons Corner and Dulles Airport area in Loudoun County, Virginia.Visit: www.klnb.com
