| Speaking of UMd, one notable alum is Kevin Plank, founder of Under Armour. On Friday, his company announced its intention to buy 400k SF Tide Point in Locust Point for $60.5M, in a deal brokered by Cassidy Turley. UA uses 175k SF at the park for its corporate HQ and is refurbishing a 140k SF warehouse adjacent to the complex as an employee center. Public records show the transaction involves a $40M CMBS loan assumption (66% LTV), and we hear the company likes the unique branding opportunity the former Procter & Gamble soap factory offers. Sources tell us it'll close in the next three months. |
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