Orion Business Center
760 Generals Highway, Millersville, MD
Orion Business Center
Building Specifications
- Total Building Area 53,023
- Lot Size 5.00 Acres
- Tenants 5
- Zoning C4 (Highway Commercial)
- Loading Docks 4
- Drive-Ins 3 Oversized
Executive Summary
Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 740, 750 & 760 Generals Highway, Millersville, Maryland (the property). This fully leased 53,023 SF industrial property sits on 5.00-acres of C4 zoned land on a signalized intersection near I-97 and Route 3 with direct frontage to over 22,000 VPD. Leased to 5 tenants with a WALT of 2.4 years, the property is well-positioned to benefit from continued occupancy and moderate rental upside as leases renew.
Built in 1991, the masonry-constructed warehouse is occupied by a diverse tenant base with uses ranging from luxury furniture manufacturing to durable healthcare equipment sales. While the expansive window line suggests interior office space, most of the space is warehouse with some showroom. Less than 15% of the space is office, with most of that office space concentrated in one unit. Further, the building has been condominiumized into 3 units, however all three units are for sale.
Tenants benefit from operating in this central location with access to more than 147,000 residents within a 5-minute drive of the property. Further, Baltimore, MD can be reached in under 20-minutes and the nation’s capital sits just 32-minutes away.
The property features 4 loading docks, 3 oversized drive-in doors and 16’8” clear heights. The warehouse is fully heated, conditioned and sprinklered. With 3 curb-cuts, the property can be accessed from both Generals Highway and Route 3.
The property also offers 240 parking spaces which equates to an above average warehouse parking ratio of 4.36/1,000. Commercial Highway (C4) zoning is significantly scarce throughout Anne Arundel County and is limited to highly trafficked commercial locations.
This investment provides the opportunity to own a high-performing multi-tenant industrial asset in a submarket with a shortage of competing properties. With one below-market month-to-month tenant and other near-term lease renewals, moderate value upside should be realized in the coming years.