Bank of America - Hunt Valley

11333 McCormick Rd Hunt Valley , MD 21031-1001

Bank of America - Hunt Valley - office for sale

Overview


JLL is pleased to offer the opportunity to acquire 11333 McCormick Road, Hunt Valley (Baltimore), Maryland (the ?Property? or Asset?), a ±377,332 square foot office building located 15 miles north of downtown Baltimore with immediate access to Interstate 83. The Property is subject to a recently renewed and long-term net lease to Bank of America (the ?Tenant?) who has operated at the Hunt Valley location since 1997. Bank of America carries a strong investment grade credit rating and is the 2nd largest U.S. bank by assets. This property is a mission-critical facility and the tenant has publicly announced significant job growth and expansion at this key location.  The Property consists of two adjacent office towers with a shared ground floor. The second tower was constructed by Bank of America?s predecessor company, MBNA, in 1997. At the same time, the first tower was entirely overhauled and modernized. Significant additional renovation and capital investments have been made to the Asset.  The Hunt Valley market and neighboring areas have experienced significant development and investment activity. Adjacent to property, McCormick & Company completed a $170 million redevelopment of their new 350,000 square foot headquarters (approximately $500 / SF), further demonstrating the strength and long term viability of the Hunt Valley office market. In addition, a $70 million upscale multi-family development was added across the street at the Hunt Valley Towne Centre and another $150 million redevelopment was just announced at the Centre in April 2019.

Investment highlights


  • Recently renewed long-term lease
  • Industry-leading tenant with investment-grade tenancy
  • Mission criticality with various roles, long-term history, and publicly announced job expansion
  • Highly desirable lease fundamentals
  • Significant capital investment into property and area
  • Thriving location and submarket. The Hunt Valley Class A office vacancy is a low 8.6%
  • Premium exposure and accessibility via highway and public transportation


General
Property type Office
Tenure type Sale/Purchase
Property address 11333 McCormick Rd, Hunt Valley, MD 21031-1001
Land in acres 14.82
Building size 377,322  ft2
Year built 1974
Financial
Price Confidential
Cap rate Confidential
Current NOI $6,887,297.00
Lease
Tenant's name Bank of America, National Association

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