NOTTINGHAM, MD—An affiliate of Kenwood Management Company, Kenwood Corporate Drive LLC, sold the property located at 8023 Corporate Drive in White Marsh for $3,000,000, or $316/sf.
The property was acquired in 2016 as part of the portfolio Kenwood purchased from Corporate Office Property Trust for approximately $110/sf. This represents a gain of 187% in just over 4 years. Kenwood plans to utilize the funds to reduce its secured and unsecured debt associated with the property.
The buyer was Strategic Data Center Fund. Kenwood was represented by Cris Abramson and Nick Signor from Newmark Knight Frank.
8023 Corporate is a part of the Tyler Ridge Business Park along with 8013, 8015, and 8019. In 2018, Kenwood created a separate parcel for 8023 and then in April 2020, Kenwood renewed Verizon to a new 5-year renewal.
For Kenwood, this represents its second property sale in 2020 but only this third property disposition in its 24-year history.
“8023 is a unique asset and an important location for Verizon,” said Laura Murrer, Asset Manager for Kenwood Management. “When Kenwood purchased the Verizon building along with 4 other buildings in 2016, our goal was to sell this asset quickly and retain the balance of the portfolio. We are very pleased with this asset’s performance and the outcome of this transaction.”