Real Esate

Columbia Business Center sold for $25.6 million

Columbia Business Center sold to real estate investors. (Feldman Bergin Properties and Fortified Property Group)

The Washington, D.C.-based real estate development and investment firm Feldman Bergin Properties has joined with the boutique real estate investment and advisory firm Fortified Property Group to acquire the Columbia Business Center, a nine-building mixed-use complex that includes office, laboratory, research and development and retail space.

The partnership acquired the Dobbin Road complex in Columbia from a unit of Greenfield Partners LLC, a Westport, Conn.-based real estate investment firm, for $25.6 million. Greenfield bought the complex in 2012 for $25.1 million, according to state property records

It is the partnership’s 13th acquisition in Howard County since 2017.

Bob Bergin, co-founder and principal of Feldman Bergin, said in a statement that the partnership’s “critical mass” of properties makes asset management more cost-efficient and allows swift response to expansion and relocation needs.

The buildings in the complex date to the mid-1980s and are 84 percent leased to companies including Chiron Technology Services, DSM Nutritional Products, the Maryland Motor Vehicle Administration, Sherwin-Williams and Sushi King.

Exterior improvements and upgrades to amenities are planned for the complex.

Don Schline of MacKenzie Commercial Real Estate Services represented Greenfield Partners in the sale. NAI KLNB will handle the complex’s marketing and leasing responsibilities for the acquiring partnership. MacKenzie will provide asset management services.

Source Article