(Source: St. John Properties, Inc.)

A joint venture partnership between St. John Properties and Greenebaum Enterprises has acquired a 12.5-acre site in Howard County at Montpelier Research Park. The property is adjacent to the Maple Lawn mixed-use community and the Johns Hopkins University Applied Physics Laboratory campus, in Fulton.

The acquired site includes a two-story 32,488-square-foot office building, which is currently being marketed for lease, and could accommodate users within the education, child care and medical sectors, among others.

The partnership intends to speculatively develop two single-story flex/R&D buildings, comprising nearly 70,000 square feet of space on the site, with delivery anticipated in 2026. St. John’s signature product has proven to be successful at Maple Lawn, which features five 100% leased flex/R&D buildings totaling more than 200,000 square feet of space.

With Greenebaum functioning as the master developer, the partnership developed Maple Lawn, a 605-acre mixed-use community featuring more than 1,300 homes and more than 1.7 million square feet of Class A office and flex/R&D space that is supported by more than 150,000 square feet of retail amenities.

Located just south of Montpelier Research Park, Maple Lawn is home to CiscoSystems, DataTribe, Johns Hopkins Medicine, KBR, Kennedy Krieger, New Day, Presidio, Raytheon and Window Nation, among other businesses.

“There remains a scarcity of properly-zoned and strategically-located acreage in the Baltimore-Washington, D.C. Corridor that is also shovel-ready for new development opportunities and, as a result, interest in this parcel was fierce,” said Abby Glassberg, principal, KLNB. “St. John Properties and Greenebaum Enterprises emerged as the natural and obvious buyers, given their undeniable success and overall presence in the marketplace, and we are confident their future development strategy will satisfy a pressing need for quality real estate product.”

“We believe there is a strong demand for high-quality flex/R&D product in this market, but few current opportunities for new development, so are excited about the potential of this project. In keeping with our long-standing philosophy, we plan to develop these buildings on a speculative basis in order to respond instantly to the emerging requirements of new and existing clients,” said St. John Properties’ Executive Vice President, Acquisitions and Growth Sean Doordan. “We remain aggressive in our approach to identify and acquire land to develop, as well as under-performing properties where we can add value.”

The sales price was not disclosed. KLNB’s Abby Glassberg and Don Schline represented the seller, and the joint venture partnership was self-represented in this transaction.