We’re happy to announce the successful sale of Severn Crossing in Severna Park! Developed in 1987 by Koch Homes, this 10,500 SF 2-story office building sold 100% leased, with a mix of medical and professional tenants, and located in a high barrier to entry market. RossoCRE sold the asset via a structured competitive bid / ‘call for offers’ process on behalf of the Seller, Gary Koch.
The property sold for $2.2M, which represented an approx. 7.5% cap rate, and was purchased by Royco, a privately held real estate investment and operating company seeking generational assets.
The sale was handled by John Rosso, Ryan Brassel and Gene Parker of RossoCRE.