Newmark Knight Frank has arranged the sale of 9017 Red Branch Road, a Class A industrial asset in Columbia, Md. Executive Managing Director Cris Abramson, Director Nicholas Signor and Associate Director Ben McCarty brokered the sale. An affiliate of May Riegler Properties purchased the property from Grebow Investments for $4.3 million.
In November, the same team represented Greenfield Partners in its disposition of a 98,640-square-foot office building in Hunt Valley, Md. The buyer intends to begin major capital improvements at the property.
May Riegler has selected the brokerage’s Brian Kruger and Erik Evans to oversee leasing efforts at the industrial property, which was 28 percent leased at the time of the sale. According to NKF, the building’s submarket has a vacancy rate higher than 95 percent.
Located along the Baltimore-Washington Corridor, the 57,272-square-foot property is within 1 mile of State Route 100 and 5 miles of Interstate 95. Baltimore/Washington International Thurgood Marshall Airport is 12 miles from the asset.