The Concourse, a 60,000 SF industrial/flex park located at 301-303 Najoles Road in Millersville MD, sold on May 30th. The property was sold in an off-market format by Rosso Commercial, and traded from the original developer, Polm Companies, to the new owner, Nellis Corporation, based out of Potomac MD. Nellis Corporation is a private investment company focused primarily on the acquisition, management and development of commercial real estate properties across the United States. The property fetched $4.77M and was 98% leased upon Contract. While in due diligence, RossoCRE leased the only vacancy, allowing it to trade 100% leased upon settlement.
John Rosso of RossoCRE stated, “The I-97 corridor, specifically the Benfield Rd/Veterans Hwy interchange, has shown substantial growth and investment into commercial real estate over the last 3-5 years. Millersville is strategically positioned almost equidistant between Annapolis & Baltimore, located just one exit from Ft. Meade and Waugh Chapel, and a stones throw from BWI Airport. With many rents below-market and a strong demand for competitively priced flex/warehouse in the corridor, I believe the Buyer will find plenty of room for rent growth and increased returns as they reinvest into, and hold The Concourse long-term.”
Built in 1990, The Concourse currently consists of 13 current tenants such as Opal Staff, Nyquist, Blair Construction, Triton Communications, All Seasons Athletics, and several other warehouse and professional businesses. 301 Najoles is a 30,000 SF high-bay warehouse building with dock loading and Tenant space sizes ranging from 5,625 – 11,250 SF. 303 Najoles is a 30,000 SF typical flex building with a mix of professional and industrial space, with Tenant spaces ranging from 1,000 – 6,000 SF.
John Rosso and Ryan Brassel arranged the sale and represented the Seller. The Buyer was self-represented.
##