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Abby Glassberg, Rich Cohen, Commons Office Research, Site Realty Group, portfolio, BWI Airport, acquisitions, lender, value-add, opportunistic
Yesterday, Site Realty Group bought three mixed-use buildings near BWI (1344 Ashton Rd, 1348 Ashton Rd, and 1350 Dorsey Rd) from Commons Office Research fo r $3.8M, or $95/SF. CBRE's Abby Glassberg repped the seller, and Site Realty principal Rich Cohen tells us the buy fits in with his firm's opportunistic and value-add acquisition strategy. ?We're looking to close two more deals in Howard, Montgomery, and Anne Arundel counties by year end,? he says. The portfolio includes office, flex, and retail space and is 70% occupied. The plan is to lease up the vacancies and reposition,? Rich tells us: ?Right now we're focused on getting a service-oriented retailer in place.? Site Realty is looking for buildings under 100k SF. He also tells us there was a lender involved in the BWI deal.