{"id":1004358152,"date":"2019-10-07T04:24:25","date_gmt":"2019-10-07T12:24:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004358152"},"modified":"2019-10-07T04:24:25","modified_gmt":"2019-10-07T12:24:25","slug":"baltimore-office-building-trades-for-99m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/baltimore-office-building-trades-for-99m\/","title":{"rendered":"Baltimore Office Building Trades for $99M"},"content":{"rendered":"
\"\"<\/a>

11333 McCormick Road<\/p><\/div>\n

Inland Private Capital Corp. has sold the Bank of America office building in the Hunt Valley suburb of Baltimore through a subsidiary for $99.3 million. The privately held asset management firm facilitated the sale on behalf of one of its Section 1031 investment<\/a> programs.<\/p>\n

The 377,332-square-foot property at 11333 McCormick Road represents IPC\u2019s largest pre-recession corporate office holding. With the disposition, IPC has completed 19 full-cycle asset sales with a total price of $665.7 million during 2019 to date.<\/p>\n

Built in 1974 and expanded in 1997, the building has a seven-story and a nine-story component. IPC acquired it from Bank of America in July 2008 for $72.7 million, according to Yardi Matrix. Bank of America had purchased the asset from PHH Corp. in 1997.<\/p>\n

The Class B property is located at the corner of McCormick Road and Shawan Road, just off Interstate 83, and across the street from the Hunt Valley Towne Centre outdoor shopping mall. Hunt Valley, an unincorporated community north of Baltimore, is home to a number of corporations including McCormick & Co. and Sinclair Broadcast Group.<\/p>\n

Achieving 7.1% return<\/h2>\n

IPC managed the asset through the recession, and later obtained a 10-year lease extension and completed a refinance and recapitalization effort. Yardi Matrix records indicate that the property received a $60 million loan from Parkway Bank and Trust Co. in November 2018.<\/p>\n

The lease extension included a 550-space parking lot expansion. The vast majority of tenant improvement dollars were funded by reserves, according to a statement by IPC. The asset provided a 7.1 percent average annualized return to investors and the sale resulted in a total return of 177.3 percent, based on the aggregate amount of original capital invested in the property.<\/p>\n

In August of last year, IPC sold four freestanding medical office buildings<\/a> in the Chicago area and south of Boston for a total of $45.7 million, working on behalf of Medical Office Portfolio DST, one of its 1031 investment programs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Inland Private Capital Corp. sold the Bank of America-occupied asset in the suburb of Hunt Valley.<\/p>\n","protected":false},"author":744,"featured_media":1004358155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579,21743,21783,11,21742,21747],"tags":[33250,34391],"class_list":["post-1004358152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baltimore","category-deals","category-investment","category-midatlantic","category-latest","category-office","tag-bank-of-america","tag-inland-private-capital-corporation"],"acf":[],"yoast_head":"\nBaltimore Office Building Trades for $99M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/baltimore-office-building-trades-for-99m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Baltimore Office Building Trades for $99M\" \/>\n<meta property=\"og:description\" content=\"Inland Private Capital Corp. sold the Bank of America-occupied asset in the suburb of Hunt Valley.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/baltimore-office-building-trades-for-99m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-07T12:24:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Bank-of-America-Building-Baltimore.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Greg Isaacson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/baltimore-office-building-trades-for-99m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/baltimore-office-building-trades-for-99m\/\",\"name\":\"Baltimore Office Building Trades for $99M - 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