BALTIMORE – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it has arranged the sale of Towson Commons located at 1 West Pennsylvania Avenue and 40 West Chesapeake Avenue in Towson, Maryland. The 70.01% leased, 401,775 square foot urban mixed-use project includes office, retail and a contiguous 887-space covered parking garage. General Dynamics Information Technology (GDIT) recently renewed and expanded to take over 146,000 square feet within the office portion of the project, while a 48,000 square foot LA Fitness will occupy a former movie theater space at the end of this year. Nearly 40,000 square feet of high visibility, street level retail at a primary corner in Towson’s core comprised the vast majority of the vacancy and offered considerable upside to the investment opportunity.
Jonathan M. Carpenter and James S. Wellschlager of Cassidy Turley’s Capital Markets Group represented the seller, Towson Commons HH LLC/Capmark REO Holdings LLC. New York-based Garrison Investment Group purchased the landmark structure.
“The sale of Towson Commons will trigger a major investment in the retail component of the property, which has been sitting idle in the heart of downtown Towson for a number of years,” commented Jonathan M. Carpenter, Managing Director and Principal at Cassidy Turley. “This rare, mixed-use value creation opportunity in the Towson urban core, combined with the stability of existing tenants like GDIT and LA Fitness, attracted 16 competitive offers from highly qualified investor groups.”
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. The company represents a wide range of clients — from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services — including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.