Elkridge flex buildings trade for $34.15M

Troy Hill Tech Center in Elkridge buildings trade for $34.15M.

Three flex office buildings at the Troy Hill Tech Center in Elkridge fetched $34.15 million, a firm that helped broker the deal said Thursday.

The Howard County buildings, which total about 175,000 square feet, are partially leased to Comcast. They are located close to Baltimore Washington International Thurgood Marshall Airport and the headquarters of the National Security Agency.

Merritt Properties, a Baltimore area real estate firm that purchased one of the flex buildings, said it intends to perform renovations to attract tenants to the vacant space. Cleveland-based Boyd Watterson Asset Management LLC purchased the other two buildings.

Transwestern, which brokered the deal for seller ASB Real Estate Investments, did not disclose the prices of the individual Troy Hill Drive buildings, which were developed by CSG Partners around 2001.

Vacancy rates for flex buildings in the Baltimore Washington corridor hovered around 10 percent at the end of June, according to a recent report by Cushman & Wakefield. While leasing has slowed, institutional interest in owning industrial properties in the Baltimore area remains high, the report said.

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