Februry 2021 Sale

2209 Sulphur Spring

Baltimore, MD

BACKGROUND

  • The Building comprised of 313,000 SF on 20 acres.

  • TOG acquired 2209 Sulphur Spring in 2017 from an investor for $13.30mm and sold the property in 2021 to a foreign investor for $25.6mm.

  • When TOG bought the building, IKEA had 1.5 years left of lease term and vacated thereafter.

  • TOG invested in capital expenditure on new dock doors, office buildout, parking lot, landscaping, paint, MEP upgrades, and built two bridges to unlock access to a 3-acre outdoor storage and loading area.

  • IRR 21%

  • Equity Multiple 1.8x

  • Hold 4 Years