Atlantic Realty Companies and Colony Realty Partners have purchased Meadows Business Park near Baltimore, the companies announced today.
The value of the transaction was not disclosed.
Meadows Business Park is located within the Woodlawn submarket of Baltimore County. The purchase makes Atlantic and Colony partnership one of the largest landowners in the Baltimore area.
The Meadow property portfolio consists of 977,436 square feet (21 buildings) of office, flex/warehouse and retail space that are currently occupied by a diverse mix of tenants. The Federal Government occupies one-third of the tenanted space, and a number of national, regional and local tenants occupy the other two-thirds.
The portfolio also includes a 207,000-square-foot grocery-anchored retail center. Approximately 20 percent of the park was vacant at the time of purchase.
General improvements are planned to buildings and landscaping.
The seller was Emmes Realty Services LLC.
Atlantic Realty Companies is a commercial real estate developer based in the greater Washington metro area.
Colony Realty Partners, an affiliate of private international investment firm Colony Capital LLC, is headquartered in Boston with additional offices located in New York and Los Angeles.