Kenwood Management Acquires Fully-Leased Commercial Office Building in Ellicott City, Maryland
Kenwood Management Company is excited to announce the acquisition of 9011 Chevrolet Drive. This property is a single-story, 19,259-square-foot commercial office building in the Ellicott City section of Howard County, Maryland.
The purchase price for the property was $3.25 million. Owen Rouse, Senior Vice President, Investment Sales, and David McClatchy, Senior Vice President and Principal of MacKenzie Commercial Real Estate Services, LLC, represented the seller, KMS Associates, of this fully-leased and occupied asset.
Kenwood Management was self-represented in the transaction. Laura Murrer, Senior Asset Manager, led the Kenwood acquisition team. Laura commented, "Chevrolet Drive is a terrific property with lots of small tenants that cater to the local Ellicott City market. It has a long-term history of high occupancy and perfectly fits into Kenwood’s small tenant model, which provides long-term steady cash flow."
Bill Singer, Principal of Kenwood Management, added, "Ellicott City’s vacancy rate is less than 5%, and there is still a strong desire by smaller tenants who need to occupy medical and quasi-retail spaces. This acquisition produces immediate cash flow for our investors and an opportunity to enhance it in the long term."
The two-story building was constructed in 2000 and sits on an approximately 2.5-acre site near Baltimore National Pike (US Route 40) and MD Route 29. The location is also about three miles from Columbia Town Center. The building fronts Chevrolet Drive and offers free surface parking for tenants. The tenants in the multi-tenant building are an equal mix of traditional and medical office space users.
About Kenwood Management
Kenwood Management Company, headquartered in Bethesda, MD, has combined its internal equity with high-net-worth investors for over 25 years. With a portfolio of over 1.4M square feet of office, medical, flex, and warehouse multi-tenant properties, Kenwood is an owner-operator of commercial real estate in the Washington DC and Baltimore markets.
While other real estate investors hunt trophy properties, Kenwood focuses on identifying value opportunities overlooked by the market. They are experts at finding Class-B and manufacturing properties that have a few correctable flaws, are lower risk, and have the potential to yield strong returns via a buy-and-hold strategy.
Their unique approach of enhancing the landlord-tenant relationship by working with tenants to help their businesses succeed has helped the management company produce higher occupancies and longer-term tenants.
Kenwood Management is also unique in investing in and solely managing all its properties. They don’t manage properties for anyone else. By having the management company also own, sponsor, and invest in each property, they build an environment where everyone’s interests strongly align toward producing the highest returns possible for every investment. With Kenwood, investors can expect an approach that will meet their needs and make their efforts worthwhile.
For more information about Kenwood Management and the company’s approach to multi-tenant real estate, visit www.kenwoodmgt.com/about-us.